Plymouth Combined Court Bankruptcy Information

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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Is an IVA Right For You?

An IVA can be tailored to your financial circumstances, your payments in an IVA will all depend on how much debt you currently owe and how much you can afford to pay back monthly.

A debt advisor will review your finances and work out a monthly repayment that is fair to both you and your creditors.
Your employment will not be affected by and IVA and you do not have to be a homeowner for an IVA to be accepted.

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Is a DMP Right For You?

A Debt Management Plan is a way to pay all of your creditors in one monthly payment.
For instance, if your total debt is £10,000 and you can afford £100 per month then you would be on the Debt Management Plan for at least 8.3 years.

A Debt Management Plan is especially useful if you only need a short term solution; for example, if you’re selling your house shortly and will be in a position to pay off all of your debt in the near future.

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Sequestration Process

To be sequestrated you must owe at least £1,500 and either:

One or more of your creditors must have taken you to court to enforce or demand you repay a debt or you must have been on a debt payment programme under DAS that has been revoked and one of the creditors in the DPP have been to court and obtained a decree on one of the debts.

This situation is termed Apparently Insolvent.

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