Bankruptcy - How it works...

Making the decision to file for bankruptcy will probably be one of the most difficult decisions you have ever made, but for some it is the only option. It is important to find the right company to help you through the process as you will not only be dealing with your debts, but your assets as well.

Firstly, see if you qualify for bankruptcy using our Free Online Calculator. You may find an alternative debt solution which would prevent you taking the bankruptcy route and safeguard your assets and your income.
If bankruptcy is the only option for you the process is relatively simple;

1. Make contact the Bankruptcy Company
Once you contact the Bankruptcy Company they will go through your income, expenditure and creditor details. They will take details of all your assets, i.e. your car, home and anything of value

2. The bankruptcy company will send out the paperwork to you
The Bankruptcy Company will then post out the relevant paperwork to you for you to take to the court. They will contact the nearest court and asset a date for you to attend.

3. Attend court
Once you have received your court date simply take your paperwork along to the court. The court will look over your paperwork and declare you bankrupt on that day. An Official Receiver will be assigned to your case who will contact you over the next few weeks to finalise any details. Your bankruptcy company will be on hand at all times if you require help or advice.

Use our Free Calculator to see if you qualify for Bankruptcy.