When you have mounting debts with no prospect of paying them off, filing for bankruptcy can be an efficient way to treat the situation and provide you with an opportunity to have a fresh start.
Bankruptcy will clear all of your unsecured debts, but in doing so it is going to remain on your Credit File for six years, which can impact your future borrowing during that timeframe. An alternative method of insolvency is an IVA, which often can be best suited for those who have equity to protect, or an occupation which is excluded from personal bankruptcy.
If bankruptcy is definitely the answer you're looking for, then the necessary documentation will eventually be submitted to your local County Court.
For those living within Truro
we have included the court details below. You only need to contact the court if you already have everything prepared, including your Statement of Affairs and Debtor's Petition, and you are ready to finalise the Bankruptcy Order.
To arrange a consultation you can complete this online form
, and an experienced Advisor will be in touch to assess your situation and advise you accordingly.