When you have mounting debts with no prospect of paying them off, declaring bankruptcy can be an effective way to remedy the situation and provide you with a chance to have a fresh start.
Bankruptcy will clear all of your unsecured debts, but in doing so it is going to stay on your Credit Report for 6 years, which can impact your future borrowing during that timeframe. An alternative method of insolvency is an IVA, which might be ideal in case you have equity to protect, or a job that is excluded from bankruptcy.
If bankruptcy is definitely the solution you're looking for, then the appropriate paperwork will eventually be filed at 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.