IVA



Advice / Information


 

Which Debts are Included in Bankruptcy?

 
 

You can include ALL unsecured debts in bankruptcy. This includes loans, hire purchase on goods no longer needed (car finance), tax, overdrafts, credit cards, store cards, catalogues and utility bills.

Debts that can NOT be included in bankruptcy

  • Secured debts (mortgage)

  • You are liable for council tax for the remainder of the current year if not served with a liability order or final demand.

  • Liabilities from an order made in a family or domestic court, such CSA claims for child support are outside of bankruptcy.

  • Student Loans - Most educational loans cannot be discharged as they fall outside of the Insolvency Act 1986.

  • Court Fines imposed for an offence and Liabilities from a confiscation order made under S.1 of the Drug Trafficking Act 1986 0r S.71 of the Criminal Justice Act 1988

  • Debts from personal injury claims made against you are outside of bankruptcy.

 

 


   

Is Bankruptcy Right For You?

It could be that bankruptcy is the most suitable debt solution for you.

You may hear that bankruptcy should be considered a last resort, and that you should try an IVA (Individual Voluntary Arrangement), IPP (Informal Payment Plan) or DMP (Debt Management Plan) first, but this isn't always suitable. What's right for you depends entirely on your circumstances as these are all solutions to the same problem, but tackled differently.

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Bankruptcy Assistance Service

You may find that you would benefit from professional help in completing your Statement of Affairs and Bankruptcy Petition.

From the time that you decide to apply for a bankruptcy order, to the day that you are declared bankrupt, you may seek assistance in order to keep your creditors and bailiffs at bay. In addition, performing your own research into bankruptcy often results in receiving conflicting information, depending on the source(s).

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How to File for Bankruptcy

After you've sought financial advice, you can either file the required paperwork yourself, or use the help of a Solicitor, Insolvency Practitioner or Bankruptcy assistance service to take care of everything.

Professional guidance can ensure that all Court paperwork is completed, creditors are kept at bay, legal action is averted...

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Effects of Bankruptcy

You will be instantly free from debt and no longer held responsible for any previous debts.

It will be a new start for the whole family so that you build a new life without worryand stress a normal life which you can enjoy. None of your creditors can come knocking on your door execept those who are secured after bankruptcy.

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