Personal bankruptcy in the UK occurs when individuals can no longer manage their debt. The purpose of bankruptcy is to convert your possessions, and any wages you receive, into lump sum and instalment payments for creditors.
For FREE personal bankruptcy advice in the UK
call 0800 018 6081or use the online
personal bankruptcy advice form.
If you apply for your own personal bankruptcy in the UK, you form a moratorium (a group of creditors) to agree part repayment of all outstanding debts, and when the agreed repayment has been met, to have a ‘clean slate’.
More information on personal insolvency and personal bankruptcy, is available here.
Bankruptcy in the UK is a humiliating and public experience, it is also a very primitive and grossly unfair means of dealing with a debt situation, it is a no-win situation for all involved.
As a company that always has our clients interests at heart, we at The Debt Counsellors will not recommend personal bankruptcy in the UK as a viable solution to serious debt problems if we consider that there is an alternative solution. If you would like to avoid bankruptcy, then please get in touch and ask us for alternative solutions to your debt problems.
