When you have mounting debts with no prospect of paying them off, applying for bankruptcy can be an effective way to remedy the situation and provide you with an opportunity to have a fresh start.
Bankruptcy will clear all your unsecured debts, but in doing so it will stay on your Credit File for six years, which can hinder your future borrowing during that timeframe. Another form of insolvency is an IVA, which might be best suited for those who have equity to protect, or an occupation that is excluded from bankruptcy.
If bankruptcy is definitely the answer you're looking for, then the required 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.