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Bankruptcy

Many people think of bankruptcy as a last resort, but it is a legal process that can provide relief for people who are struggling with debt.

There are different types of bankruptcy, and the process can be complex, so it is important to know what to expect before you file. This page will provide an overview of the reality of bankruptcy, so you can make an informed decision about whether it is the right choice for you.

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National Debt Advice is regulated by the Financial Conduct Authority to give Debt Counselling Advice to people who are struggling with debt.

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To find out more about managing your money and getting free debt advice, visit Money Helper, an independent service set up to help people manage their money. National Debt Advice is not associated with Money Helper.

What is Bankruptcy?

Bankruptcy is a form of insolvency that writes off debts if you can't afford to repay them, giving you a fresh start. It's a legal process that's suitable if you have little hope of repaying your debts in a reasonable amount of time.

 

When you make yourself bankrupt, nearly all your unsecured debts are written off, which lets you make a fresh start. In some cases, your creditors can choose to make you bankrupt.

Benefits and Risks

Benefits of bankruptcy:

Your unsecured debts will be written off, giving you a fresh start

Your creditors can't take any further legal action against you to recover your debts

They must also stop demanding payment, charging interest and adding other charges

You won't receive any further contact from your creditors

Risks of bankruptcy:

Assets such as your home or vehicle may be included in your bankruptcy

Some jobs are affected, such as legal or financial roles

Bankruptcy will have a negative impact on your credit file and appear on it for six years

Your bankruptcy will be recorded on a public register

How do I apply for Bankruptcy?

01

Your first step is to collect details about your financial situation, including your income, outgoings and debts, our advisors can run through all of this with you.

02

Then you should see if bankruptcy is the right debt solution for you. Use our online calculator or speak to one of our expert advisors.

03

If we recommend bankruptcy, we'll give you information on how to apply, and explain the risks and benefits of going bankrupt.

Other debt solutions you could qualify for:

Debt Management Plans can be the ideal solution. Read more...

A legally binding arrangement in Scotland. Read more...

A legal process that can help people in England and Wales.

Government Debt Respite Scheme.

Provide some relief from debt repayments.

A legal process that can provide relief for those struggling with debt.

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Why choose National Debt Advice?

We can reduce your monthly payments!* Not only that but we're:

An FCA Regulated Debt Counselling Service

Have a 24/7 Live Chat Support

Have excellent reviews on Trustpilot

We give impartial and confidential advice

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Regulated
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*Monthly payments are based on individual financial circumstances.

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Here’s an idea of what the process looks like:

1
Get Started

Complete the Debt Calculator 

2
Talk to Us

Speak to an FCA

Regulated advisor

3
You Choose

Choose a debt solution that best suits you and relax

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