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