Declare Bankruptcy9237055

If you haven't got any assets to guard like a house, savings or an expensive car (over 2500) and if your occupation is not affected, then bankruptcy may be more appropriate for you than an IVA. You may be discharged after a maximum of 12 months and possibly even sooner depending on your conditions (some individuals are discharged after 6-8 months). All of your unsecured debts will be written off by insolvency and none of the creditors will be able to pursue you for them anymore.

If your mounting debts are unmanageable and you can not see a realistic prospect of clearing these debts in the expected future, then filing for the protection of a Bankruptcy Order might be the solution for you. Once declared bankrupt you may be subjected to certain bankruptcy restrictions. You will never be able to get credit over 500 without informing the lender that you are broke. Realistically, you will have problems getting any credit throughout the 12 months that you are bankrupt, but once discharged it will become progressively simpler and a discharged bankrupt will still be able to have a mortgage in the future.

Bankruptcy will be recorded on your credit report for 6 years from the day that you were made insolvent, despite the very fact that you will be discharged from bankruptcy after 12 months. File bankruptcy

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