How To Go Bankrupt - How do you go bankrupt and how to file for bankruptcy

How To Go Bankrupt in the UK? Looking for advice on how to go bankrupt, We can help. We can answer you questions on how do you go bankrupt. We can show you how to file for bankruptcy and exactly what is needed to answer your how to go bankrupt questions. Below is how to go bankrupt answered:

How do you go bankrupt?

How do you go bankrupt is a process of finding out the facts of what bankruptcy will entail for your personal circumstances first. Do you have assets, do you have property or are you in employment that would be affected by bankruptcy (accountants, police officers, solicitors) if the answer is no then bankruptcy could be your best option. Bankruptcy will clear your debt leaving you debt free, if this is your first time going bankrupt then you will only be in the bankruptcy for 12 months. 

To be able to go bankrupt you must owe over £750 in unsecured debt. You must be unable to repay your debts and have no assets (rule of thumb, single value over £1000, or any assets that you dont mind losing over that amount) or a property with equity in it. You can keep a car if there is need for it and under the value of £1000.

How to file for bankruptcy?

  • You will need a set of legal documents which will tell the courts all the information they need to make a decision on your bankruptcy. Income, Expenditure, Assets, Policies, Property, Car and a brief description of how the debt came about is all shown on this document.
  • You will need to attend your local court that service bankruptcies to hand in your documents and sign it in front of them to declare that the information is true and correct. You are normally made bankrupt on the same day. 
  • The creditors are then contacted by the bankruptcy courts to let them know you have been made bankrupt. You are no longer liable for this debt and you are debt free.
  • Once you are made bankrupt, 12 months later you will be discharged where the restrictions will be lifted and you are no longer bankrupt.

If you need any more information on how to go bankrupt, how do you go bankrupt or how to file for bankruptcy then give one of our bankruptcy experts a call on 0800 130 3007 we can help you no matter where you live in the UK. Free initial advice which is private and confidential. Or Alternatively click the banner below and we will call you. 

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