How to make yourself bankrupt
If you have looked at all of the options and are considering filing for bankruptcy in England and Wales, here's our step by step guide on how to make yourself bankrupt. more
| Plain English impartial advice for anyone with debt problems who wants to find out more about bankruptcy and the alternatives including entering into an Individual Voluntary Arrangement (IVA). |
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How to make yourself bankrupt |
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Media coverage of changes in the bankruptcy laws have painted a picture of bankruptcy as an easy way out of your financial obligations. But is bankruptcy really the easy way out that some would have you believe? Will you really be debt free after just one year? And what will happen to your house? |
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 Answering your door to find a bailiff stood on your doorstep can be a distressing and frightening experience, particularly since few people know what powers bailiffs have at their disposal and what rights you have when dealing with them. One question that will no doubt be on your mind. Do bailiffs have the right to enter your home? and if so what are bailiffs allowed to seize if they do gain entry?  One big fear of anyone in debt or contemplating bankruptcy is that they will end up on a credit blacklist. The good news is that there is no such thing as a credit blacklist. Five more myths about obtaining credit |
 If you are unable to pay your debts when they fall due and have little prospect of doing so in the foreseeable future, a court of law can intervene and place you in a state of bankruptcy. In England and Wales, you can either make yourself bankrupt by applying to the court to do so or a creditor who you owe at least £750 can petition a court to have you declared bankrupt. In Scotland, personal bankruptcy is called sequestration.
In 2008, the num,ber of personal bankrupticies in England and Wales totalled 106,544 while in Scotland the figure was 19,864 and in Northern Ireland 1,638. |
 An Individual Voluntary Arrangement or IVA is a formal agreement, between you and the people you owe money, to pay part or all of your debts over an agreed period of time. more  A Debt Relief Order or DRO is a new alternative to bankruptcy aimed at those on low incomes with few assets. more  Unlike bankruptcy which only affects individuals in the UK, insolvency can apply to both companies and individuals. more  A CCJ - or County Court Judgement - is an order made by a County Court for a debt to be repaid. more What to do if a County Court Claim is made against you |
Number of CCJs issued hits ten year high |
© Bankrupt.co.uk 2007, 2008, 2009. All rights reserved. Please note the contents of this website are for information purposes only and do not constitute financial advice. Please seek independent professional advice before taking action that may affect your financial well-being. |
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