Going bankrupt is a big decision. If it is the best solution for your situation, and you do decide to file for bankruptcy, we will advise you throughout the process.
Bankruptcy and insolvency
Filing for bankruptcy is only an option if you are insolvent. This means that your debts must be greater than any assets you own, such as your house or car.
You file for bankruptcy through the county court by submitting the relevant forms and by paying a fee to them.
If your bankruptcy is approved, your debts are written off. Your creditors will be unable to take any further action against you to recover what you owe. But, you might lose assets such as your house or car, as these can be sold off to pay creditors.
Advice on filing for bankruptcy
Going bankrupt is not always the best option and you should seek professional debt counselling before deciding to go bankrupt. We can provide free, impartial advice on bankruptcy and all other debt solutions.
Our online debt counselling service, CCCS Debt Remedy, can assess your finances and identify the best debt solution according to your situation.