Declare Bankruptcy6457997

If your debt has become unmanageable then bankruptcy is an effective remedy immediately freeing you from debt and giving you the opportunity to have a fresh start. You will be discharged after no more than 12 months and possibly even earlier depending on your conditions (some people are discharged after 6-8 months). All of your unsecured debts will be written off by insolvency and none of the creditors will have the ability to pursue you for them anymore.

If your mounting debts are unmanageable and you cannot see a realistic prospect of clearing these debts in the foreseeable future, then filing for the safety of a Bankruptcy Order could be the solution for you. Bankruptcy is set by what aside from the other debt solutions is the potential to wipe off 100 % of your debt and have you discharged from bankruptcy within 12 months. Once discharged you no more have the bankruptcy restrictions placed on you.

You should recognize that it is rather unlikely that you can borrow cash from the high street lender. It is not uncommon for a self-employed person to get start up or project financing from the private source which is acceptable for an un-discharged bankrupt (providing the lender knows your circumstances). Bankruptcy UK

Once you are discharged from bankruptcy (usually after 12 months, but sometimes earlier) you will be able to rebuild your credit file.