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 Is Declaring Yourself Bankrupt the Right Choice?

Declaring yourself bankrupt should be the final option when it comes to dealing with debt. Bankruptcy is a big step and one which needs to be considered very cautiously. The effect that bankruptcy has on your life and credit ratings are severe. Ultimately bankruptcy is the last step in dealing with debt problems.

Debt help specialist, Women in Debt can help with bankruptcy advice. There are a number of debt solutions and dependent upon your personal circumstances going bankrupt may not the best debt solution and can often be avoided with individually constructed debt management plans and IVAs. We're happy to advise you on the best debt solution to manage your debts and alleviate your money worries. If bankruptcy can be avoided we will help. And even if bankruptcy is your only option, Women in Debt guarantee a sympathetic ear to guide you through the bankruptcy process.

How do I declare myself bankrupt?

Your creditors may file a Bankruptcy Petition if you owe them more than £750. However, in order to declare yourself bankrupt you must firstly fill in a bankruptcy petition. Once the petition has been filed, a court date will be set for an initial bankruptcy hearing. This first hearing will decide whether or not a Bankruptcy Order should be made. How much will it cost me if I go bankrupt?

Anyone who goes bankrupt may have to pay around £150 (dependent on your financial circumstances) for court fees, about £360 for the Official Receivers Deposit and a fee of around £10 to swear the statement of affairs in the High Court or before a Solicitor.

What are the effects of bankruptcy?

During your bankruptcy period, you can't hold certain public offices. During bankruptcy all assets including your home are controlled by the trustee. You can only conduct business using the name under which you were made bankrupt and you can't form, manage or promote a company without the court's permission. In certain circumstances your employment may also be affected. You may open a new bank or building society account but you will have to disclose the fact that you are bankrupt. 

After you are discharged from your bankruptcy you are no longer bound by most of the legal implications of bankruptcy, however, you will be registered with the credit reference agencies that you were bankrupt and this will usually stay on your file for six years. Even after this point, if you apply for a mortgage, you may still have to declare that you were bankrupt. Ultimately you will have to rebuild your credit rating which may take a long time.

If a Bankruptcy Order is made, you will be declared bankrupt. At Women in Debt we are more than happy to offer our services. Our staff are debt experts, and will offer you sensitive, professional debt and bankruptcy advice.

Are you sure declaring bankruptcy is the only option?

But before you apply for bankruptcy make sure you're certain you've considered the following questions:

Speak to one of our Women in Debt advisor and we'll advise which debt solution would best suit your debt problems. Take the Just A Minute Debt Test now and find out which debt solution is best for you or for more debt services from Women in Debt  view one of the following pages:

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