Declare Bankruptcy4695969

If you have not got any assets to protect like a house, savings or an expensive car (over 2500) and if your profession is not affected, then insolvency may be more suitable for you than an IVA. You may be discharged after no more than 12 months and possibly even sooner depending on your situation (some people are discharged after 6-8 months). All of your unsecured debts will be written off by bankruptcy and none of the creditors will have the ability to pursue you for them anymore.

If your mounting debts are unmanageable and you can't see a realistic prospect of clearing these debts in the expected future, then submitting for the protection of a Bankruptcy Order might be the remedy for you. Bankruptcy is set by what apart from the other debt alternatives is the potential to wipe off 100 % of your debt and have you discharged from bankruptcy within 12 months. Once discharged you no longer have the bankruptcy restrictions placed on you.

You should understand that it is rather unlikely that you will be able to borrow cash from the high street lender. It's not uncommon for a self-employed person to obtain start up or project funds from a private source which is satisfactory for an un-discharged bankrupt (providing the lender is aware of your circumstances). Apply for bankruptcy

After you have paid the court expenses the District Judge will make their evaluation and notify you.