Apply Bankruptcy, Declare Bankruptcy, Voluntary Bankruptcy UK

+ How can we Help?

If you would like to Apply Bankruptcy we are here to assist you through the process from start to Finish. Applying for Bankruptcy can be a difficult process but we are experts in this field and will make your application as easy and hassle free as possible. When you contact us you will be transferred to a Bankruptcy expert who will review your case in detail and asses whether Bankruptcy is the best option for you. If we find that this is best form of debt recovery for you we will use our years of Insolvency Expertise to administer the Bankruptcy application and to remove the stress of debt from your life.

+ Is Bankruptcy right for me?

When consumers find themselves with overwhelming levels of debt they sometimes feel Bankruptcy is the only option that they have. This is not the case and all aspects of Bankruptcy should be considered in advance of Declaring Bankruptcy. Whether you are filing for Voluntary Bankruptcy or you have creditors demanding this option to settle outstanding debt you should always speak to debt professionals who will advise you on the best debt solution for YOU, and not your creditors. Bankruptcy can sometimes be the best scenario for your debt, but this is not always the case. In advance of discussing alternatives to Bankruptcy lets first understand exactly what Bankruptcy is and the process involved.

+ The Bankruptcy Process

If you Apply Bankruptcy your financial affairs are administered by an official receiver or Trustee appointed at the creditors meeting. In other words when you Apply Bankruptcy, a Trustee controls all that you own including your house and other valuable assets which can be used to clear debts with your creditors . You should only Apply Bankruptcy after you have fully reviewed and assessed your financial situation with debt solution professionals. After you Apply Bankruptcy you will set in motion a chain of events which operate outside of your control. Some of which will have a negative impact on your situation and for a number of years. Declaring Bankruptcy is a serious decision which should not be taken lightly. Please view our Bankruptcy chart below for key facts which you might not be fully aware of. You should only Apply Bankruptcy once all your options have been explored

+ Advantages & Disadvantages of Bankruptcy

Advantages of Bankruptcy		Disadvantages of Bankruptcy
	Its a Fresh Start		Your assets can be sold
	Your are not liable for any debts detailed		You cant be the director of a company
	Reasonable Timescale		Corporate employers can carry out background searches
			Your Bankruptcy application is advertised in the London Gazette

Before you Apply Bankruptcy consider all your options

It is advisable before you Apply Bankruptcy to speak with debt recovery specialists who can advise you on alternatives to Bankruptcy. There are numerous alternatives to be considered one of which is an IVA which has the power to remove up to 70% of your debt without Declaring Bankruptcy.

Why an IVA is sometimes a better alternative to Bankruptcy.

Before you Apply Bankruptcy you should consider an IVA. An Individual Voluntary Arrangement or IVA as it is more commonly known is an alternative to Bankruptcy and was introduced in the Insolvency act 1986. It allows an individual who is struggling with debts over £15,000 to make a proposal to their unsecured creditors to reach an affordable monthly settlement. An IVA is considered an ideal alternative to voluntary bankruptcy for people who are suffering with large sums of debt and are struggling to keep up with repayments. This can be as a result of illness, unemployment, divorce, bereavement, separation, demotion or any other change which has affected personal finances. If approved the IVA becomes legally binding and a payment schedule is put in place between the borrower and the lenders. This is usually arranged on a monthly basis over a five year term. Qualifying for an IVA is relatively straight forward and should be considered before you declare bankruptcy. It is usually based around three core elements.

• You have a minimum of £15,000 debt
• You are in debt to a minimum of two different companies
• You have around £200 in disposable monthly income to pay off your debts

If your circumstance matches all three requirements above you may not need to Apply Bankruptcy. An IVA might be the right debt solution for you and you will not need to Declare Bankruptcy.

+ What is an IVA?

An IVA is a debt solution alternative for anybody looking to Apply Bankruptcy. It is a legally binding agreement between the debtor (you) and the creditors (your unsecured debts) to pay off a percentage of your debt over a given period of time (normally 60 months). It is administered by an Insolvency Practitioner (us) who is required to set up and negotiate the IVA with the creditors so that you can avoid Declaring Bankruptcy.

Every IVA is unique and individual. The details of an IVA will depend on you. We will go through all details of your debt and asses your employment status, income, expenditure, level of unsecured debts, number of creditors and even your everyday living situation. Repayments to the creditors are established when we have established your case in detail and analysed all these factors.

Once these are agreed we put forward a legally binding contract/agreement on the monthly repayments to your creditors. The IVA will be successful if more than 70% (by debt value) of the creditors involved agree to the terms of the arrangement. Voluntary Bankruptcy can be avoided with an IVA. To see why thousands of consumers choose an IVA over Bankruptcy please see our chart.

+ How we can help you with an IVA?

We are one of the UK's leading IVA Providers.

We do not charge upfront fee's for IVAs.

Payments start from £180 for debts of £15,000.

You could write of up to 70% of your debts if you are approved for an IVA and you complete the plan.

+ What is the difference between Bankruptcy and an IVA?

Fundamentally they are both financial tools designed to help resolve difficult financial situations. Outside of this similar characteristic they are both critically different. When you Apply Bankruptcy an application is made to the court to be discharged or rid of your debts. That comes with a price however. The price paid is both a substantial amount of up-front court fees that will need to be paid, loss of control of your assets and the reality that you will have been made bankrupt.

Voluntary Bankruptcy can significantly impact your future credit file, ability to get credit and some jobs. This is why it is always advised to seek professional debt advice prior to simply opting to Apply Bankruptcy. IVA, or Individual Voluntary Arrangement, on the other hand is an incredibly effective way to eliminate debt problems, without the pain and stigma of Declaring Bankruptcy.

The IVA allows debtors to come to a binding agreement with their creditors, reduce the total amount owed, make affordable monthly payments, maintain control of homes and other property, and does not impact job status. With this in mind however please note that Voluntary Bankruptcy is an appropriate solution in situations where the debtor is unable to afford to make reasonable reduced monthly payments. Sometimes Declaring Bankruptcy is the best tool to use and should not be discounted simply because it is Bankruptcy. You may be advised to Apply Bankruptcy after your situation has been reviewed as Bankruptcy may be the best solution to your financial situation.

+ Advantages & Disadvantages of an IVA

Advantages of Bankruptcy		Disadvantages of Bankruptcy
	1 monthly repayment based on what you can AFFORD to pay		If you have equity in your property (homeowners) you may be asked to provide a percentage of this equity in the final year of the IVA.
	We don't charge any upfront fees, unlike some of our competitors. This can save you £100s
	An IVA will give you protection from your competitors.		During the term of an IVA if your circumstances change and we can get your creditors to accept revised terms the IVA might fail. Your debt to your creditors will still exist and the full balance of what is owed ( minus what you have paid ) will still be payable.
	An IVA will usually only last 5 years.( Some may last longer but some can also finish within a few months )
	An IVA will freeze the interest on your debt immediately.		Creditors can request that you are made bankrupt if your IVA fails. This is something which is always discussed with you prior to the inception of the IVA.
	An IVA is suitable for homeowners or tenants, couples or individuals and even business owners.
	Your IVA could be setup in only 4 weeks.		An IVA may affect your credit rating for 6 years from the date the IVA commences.
	For an IVA only 75% of your creditors need to accept your proposal to make it legal.


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