When you have mounting debts with no prospect of paying them off, applying for bankruptcy can be an effective way to treat the problem and give you an opportunity to have a fresh start.
Bankruptcy will clear all of your current unsecured debts, but in doing so it's going to remain on your Credit Report for six years, which can have an impact on your future borrowing during that timeframe. An alternative type of insolvency is an IVA, which could be best suited if you have equity to protect, or an occupation that is excluded from bankruptcy.
If bankruptcy is the right choice for you, then the required paperwork will eventually be submitted to your local County Court.
For those living within Wolverhampton
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.