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You should never petition for your bankruptcy unless you are aware of all the advantages and disadvantages

With bankruptcy, you will have:

An end to your worries about debt

Bankruptcy writes off the unsecured debts you can’t afford. It’s over more quickly than some debt solutions too – you’ll normally be discharged within 12 months.

Protection against lender demands

Once your bankruptcy has been agreed, your lenders can’t take any further action against you.

Makes sure you can afford your other living costs

During bankruptcy, your bills and other costs will be treated as priority. You will only make payments towards your debts if you can afford to do so.

How bankruptcy works

From the 6th April 2016 the you can only apply for bankruptcy in England and Wales is via an on-line application form. Your form is submitted electronically and will be reviewed by an adjudicator who will consider your application and make a decision. The total cost of filing for bankruptcy is £655 made up of £130 for considering your application and then £525 for managing your bankruptcy.

You can make payments on-line and pay in installments of as little as £5 if you can’t pay the full amount in one go. Your application won’t be considered until the total amount is paid in full.

Is it right for me?

Bankruptcy has a few advantages over other debt solutions. For example, it’s normally over within a year, as opposed to five years with a typical IVA. And if you can’t afford to make regular monthly payments towards your debts, you won’t have to.

If you are a homeowner, you may be required to sell your property – if you have children you will generally be given 12 months to find alternative accommodation.

In bankruptcy your assets can be sold to pay something to your creditors. There are things which are protected such as tools of your trade and essential household items like beds, but not necessarily a TV.

Depending upon how much you earn you may be asked to sign an income payments agreement which will allow a payment to your creditors for up to 3 years.

But you will only qualify for bankruptcy if you really can’t afford to repay your debts in full within a reasonable period of time. You should never view bankruptcy merely as an easy way out!

What is the effect on my Credit Rating?

Bankruptcy used to stay on your credit file for 10 years, although this has changed and your credit rating will now be affected for six years.

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Pathfinder Financial Services also trades as DebtManagementUK and is a company registered in England number 7039857, Data Protection Registration number Z2019459, Consumer Credit Licence number 0659592. Authorised and regulated by the Financial Conduct Authority. All telephone calls are recorded and monitored. When calling our “0845” from a BT landline, the call may be free depending upon which plan you are on. If you are calling from a mobile it is probably cheaper to dial our “0161” telephone number. On this website we also provide hints, tips and guidance including a link to free services provided by the Money Advice Service. You will find a wealth of useful information on this site

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