Declaring yourself bankrupt is a big step. You should not consider bankruptcy unless you have first received professional debt counselling.
Our online service, CCCS Debt Remedy, can identify the best debt solution for your situation. If bankruptcy is suitable for your circumstances, we can help you through the process.
Bankruptcy and insolvency
Bankruptcy is only a viable option if you are insolvent; that means your debts outweigh the value of your assets.
You declare yourself bankrupt by submitting the relevant forms to the county court. You also have to pay bankruptcy fees to the courts.
If the bankruptcy is approved, your debts are written off and creditors are prohibited from taking action against you to recover the money owed to them. Although this can be seen as providing a fresh start to the person in debt, declaring bankruptcy also puts key assets at risk, and your house and car could be sold off to pay creditors.
Other debt solutions
If bankruptcy is not the best option for you, we can advise you on the other debt solutions available to you. Contact us through CCCS Debt Remedy for free, impartial advice.
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