Personal bankruptcy legal services

Bankruptcy is not a measure anyone makes lightly, and it’s important you get the right advice if you do decide it's your best option.

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In 2018, there were  115,299 individual insolvencies in England and Wales (pdf), of these 16,582 were bankruptcy orders. That's a 9.8% increase on the previous year.

If you are facing severe financial difficulties or personal insolvency, it's vital to get advice from qualified legal experts before selecting a course of action to take.

Personal bankruptcy is just one of a number of options, and experienced professionals can help you make the right choice.

What is bankruptcy?

Bankruptcy is a process whereby your assets are used as contributions to settle your debts.

These assets could include possessions, any property you own, or even your income.

If you are facing debts that you cannot pay off in a reasonable time, you can file for bankruptcy yourself in order to put your case through the courts.

In some instances, bankruptcy orders are made against people by their creditors.

Why should I file for bankruptcy?

Bankruptcy can be a way to give yourself a fresh start with your finances, by writing off all your unsecured debts in order to come to a settlement with your creditors.

If your application is successful, your debts are written off and your creditors won’t be able to take any further action against you.

Your personal bankruptcy will last for a year, during which time you won’t be able to borrow any money and you will need to declare any changes in your circumstances to the official receiver.

Bankruptcy is an option that should be examined when most of the other financial management options available have already been explored or attempted.

The point at which people are generally advised to apply for bankruptcy is when their assets are worth less than their debts.

If you have enough money to keep paying your debts, then bankruptcy is unlikely to be the best option for you, as it would mean losing assets such as your house or your car.

The finance law solicitors we have can go through your options, to establish whether or not filing for bankruptcy is in your best interests. Just get in touch for a free, confidential chat.

Why choose First4Lawyers?

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What is the cost of bankruptcy?

In England and Wales there is an application fee of £130 and a bankruptcy deposit of £550 - so a total of £680. The fees for Scotland and Northern Ireland differ.

What should I do next?

Dealing with bankruptcy orders can be a stressful and complex process, but you can contact us today and we will help you establish the best approach to take, and provide you with any legal representation that might be required if your case goes to court.

Get in touch today to discuss your requirements 08005677866

How to guides

Learn more about this area of the law and what you need to know:

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