• Bankruptcy Advice

Are you considering bankruptcy?

  • Do you suffer from debts that you simply cannot pay?
  • Do you feel that you want to make a fresh start by leaving your debts behind and concentrating on your family and career without the burden of creditor harassment?
  • Are creditors failing to understand that you cannot pay them, and you feel that you cannot cope with the ongoing pressure?

If you have exhausted the other options available to you, or decided that none of them are suitable, then perhaps bankruptcy is an option worth considering.

Declaring bankruptcy may be a last resort, and you do need to make sure that you have fully considered the process from all angles – the advantages, the disadvantages and the implications. Our experienced personal insolvency team at PJG Recovery can talk to you about all of the solutions available to you, including Debt Relief Orders, Individual Voluntary Arrangements and informal Debt Management Plans.

Discover your options with clear, expert Bankruptcy advice

Whilst we can help you with the process of declaring yourself bankrupt, even with filling in the application forms, this may not be the only option, so we will start by discussing your situation and looking at your debts. An Individual Voluntary Arrangement (a Trust Deed if you live in Scotland) or a Debt Management Plan can all deal with unaffordable debt – and may not have some of the future consequences associated with bankruptcy.

Bankruptcy will generally mean the following:

  • Your debts are put behind you and you can start a fresh, debt-free life
  • Your assets may be sold off and the money used to pay off creditors
  • Your creditors will no longer hassle you for outstanding debts
  • You may need to make monthly payments to the Trustee based upon affordability

If you need to declare Bankruptcy then we can make the process as simple and painless as possible. Enquire online or call us now on (NI & ROI) 02891 814890 (UK Mainland) 02920 346530 for further advice.

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Bankruptcy - Your questions, answered

What is Bankruptcy?

Bankruptcy is a permanent way of dealing with debts that you cannot pay. Bankruptcy proceedings eventually free you from overwhelming debts, however any assets that you have may be sold and the proceeds shared amongst your creditors.

Bankruptcy generally now lasts just one year, after which time you can make a fresh start, though there are financial restrictions which could last for several years – and your credit rating will be impaired for up to six years. It is therefore not a decision to be taken lightly, or without the benefit of professional advice.

What are the alternatives to Bankruptcy?
Why speak to us for Bankruptcy advice and help to declare Bankruptcy?

If you are considering declaring Bankruptcy then you should seek expert advice. The wrong decision or inaccurate impression of the process now can have a huge impact on your quality of life.

The team at PJG Recovery are licensed insolvency practitioners, meaning we are professionally qualified to give you advice and help with your application for a bankruptcy order. As specialists in debt management and resolution, we will offer assistance and guidance that fits your situation, and will work to put this stage of your life behind you with as little stress as possible.

We are proud to say that we have helped thousands of other individuals become debt free and can help you work towards this very goal. Simply call us on (NI & ROI) 02891 814890 (UK Mainland) 02920 346530 now or enquire online to start the bankruptcy process.

What are the effects of Bankruptcy?

  • Details of your Bankruptcy will be advertised in the London Gazette and possibly local newspapers as well
  • You will have to report to the Official Receiver and provide him/her with details of your financial affairs
  • You may be required to make regular payments out of your income for up to three years
  • Your Trustee in Bankruptcy will effectively own all your assets and will be obliged to realise their value for the benefit of creditors
  • Your bank account is likely to be frozen for a short while until you can negotiate ongoing banking arrangements
  • You are unable to obtain credit exceeding £500 without disclosing bankruptcy
  • The Bankruptcy Order is registered with credit reference agencies for the following six years
  • Your employment may be affected depending on what job you do
  • You cannot be a company director or hold public office without leave of the Court

The bankruptcy order usually lasts for 12 months – but this may be extended if the Official Receiver has grounds to suspect that you are not properly co-operating with him/her. Once this time has passed, you will be discharged, meaning you are no longer in debt and your previous creditors cannot bring further action against you. In some cases, people still have to make payments from their disposable income for the full 3 years – but this does depend upon individual affordability. There are certain items that you can be held liable for regardless of time, such as unpaid court costs and orders made against you in divorce proceedings, as well as CSA arrears and student loans.

If you choose to go Bankrupt then your assets may be sold off to pay your creditors. Your home may be at risk and your credit rating will be affected. Some employers will not employ someone who has been declared Bankrupt. Let PJG Recovery give you real advice and information on all the options available to you.

Even with the above points, Bankruptcy is often the best course of action for many people with serious debt problems.

Who can petition for Bankruptcy?

A bankruptcy order can be applied for by yourself or any of your creditors who are owed more than £750.

What assets are exempt from Bankruptcy?

When declaring yourself Bankrupt, you will be allowed to keep certain assets, including:

  • Ordinary household contents
  • Items needed to continue in trade or employment, such as tools or a car
  • Funds held within pension funds
  • A car valued at less than £2,000

What affect does Bankruptcy have on my home?

If you rent your residential property and can continue to afford the rent after the bankruptcy then your situation should not change.

If you own your home then you may have to sell it. This is usually only the case if there is equity within the property and you are able to remain living there if you can find a family member or friend who will purchase the property from you.


I believe that I should declare Bankruptcy. What are the next steps?

Simply call us on (NI & ROI) 02891 814890 (UK Mainland) 02920 346530 or fill in our online enquiry form and we will call you back. A member of our debt specialists will run through your situation, give unbiased bankruptcy advice, and will inform you of how best to proceed. We are here to guide you through the whole bankruptcy process and make it as quick and hassle-free as possible.

Advice Line:
(NI & ROI) 02891 814890
(UK Mainland) 02920 346530

Why Choose us?

  • Accredited Advisors
  • Free advice
  • Nationwide Coverage
  • Professionals that are here to help
  • With you every step of the way
Regain control of your finances

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You can call us on (NI & ROI) 02891 814890 (UK Mainland) 02920 346530. Alternatively why not use this form and we will be in touch as soon as possible.

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Alternative Debt Solutions



IVA's

An IVA allows you to renegotiate the terms of your arrangements with your creditors. If you have unsecured debts with a number of creditors that you are unable to pay this is an alternative to formal bankruptcy. An IVA (Individual Voluntary Arrangement) allows you to manage your debts with a solution that will give your creditors money over a period of time, which is normally 60 months.

Learn more about IVA's »


Debt Management Plans

A debt management plan (DMP) represents a viable alternative to an Individual Voluntary Arrangement for those people struggling to cope with rising levels of debt. A DMP allows individuals to restructure debt repayments into a informal payment plan.

Learn more about Debt Management Plans »


Bankruptcy

Declaring bankruptcy may be a last resort, and you do need to make sure that you have fully considered the process from all angles – the advantages, the disadvantages and the implications. Our experienced personal insolvency team at PJG Recovery can talk to you about all of the solutions available to you, including Debt Relief Orders, Individual Voluntary Arrangements and informal Debt Management.

Learn more about Bankruptcy »


Trust Deeds

If you live in Scotland and are struggling to repay your debts you may want to consider entering into a Trust Deed with your creditors. A Trust Deed is an alternative to bankruptcy and is a formal agreement between you and your creditors, where you agree to pay an affordable payment each month for a fixed period - usually 3 years - in exchange for your creditors agreeing to write off the balance outstanding at the end of the 3 years.

Learn more about Trust Deeds »


Our Fees

Our advice is always free and we only charge when we start acting on your behalf. Our fees are proportionate to the activity we perform. Fees for IVA's, Bankruptcy and other services do differ, so please review our fee structure so you are aware of how debt assistance works.

Learn more about our fees »


Learn about PJG Recovery

We have been operating since 2002 and we are a team of professional insolvency practitioners who are passionate about helping you manage issues with your debts. Being in debt is a scary and worrying time for many people. More and more people are getting into debt through no fault of their own and this is where the team at PJG Recovery can really offer you advice and help to become debt free in the best way possible. We are here to help you "recover" from debt and are always happy to talk to you for free on how we can help.

Learn more about us and how we can help »



Would you like some help?

Our team are waiting for you to call and help you recover your financial position

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