How do I file for Bankruptcy?

Bankruptcy is a form of debt relief for people that are severely struggling to keep up with the repayments on their debts. It will completely relieve you of all responsibility of your debts to your creditors and you can be debt free in a matter of weeks. Bankruptcy should not be taken lightly though, it is the severest form of debt relief and should only be used if there if you have exhausted every other avenue in an attempt to resolve your financial situation. You risk your assets being repossessed and it can severely affect your credit rating.

What is the process?
The process for bankruptcy varies on your circumstances, but in most cases it is relatively simple. There are 3 ways you can file for bankruptcy;

• Voluntarily – By application yourself
  You will have to apply for and complete all the relevant forms yourself

• Involuntarily - By the creditor owed money
  If you fail to repay your debts for a considerable amount of time then your creditors can apply to the court to force you to file for bankruptcy

• Have a professional bankruptcy company to do it for you
  A bankruptcy company can handle your case from start to finish, from applying for and filling out the paperwork, to setting a court date and guiding you through the court process (advised)

It is always recommended to have a professional bankruptcy company to help you through the process as the paperwork involved is extensive. As part of the bankruptcy process you are expected to attend a court, this is where a bankruptcy company is also beneficial as they will always be on hand to help you though the process and answer any questions you have. Find the right bankruptcy company by using our Free Online Calculator.

How long will it take me to get out of debt?
It entirely depends on your circumstances and your financial situation but most bankruptcy cases can be processed in a matter of weeks

When will I be discharged?
In most bankruptcy cases you are discharged with 12 months, this means you are free from the restrictions of the bankruptcy order. But it is entirely dependant on your case. Your bankruptcy company will be able to give you a better idea of timescales.

How to find the right bankruptcy company

There are literally thousands of bankruptcy companies out there, selecting the right one can be difficult and stressful task. We only work with companies who are registered with Debt Management associations. All the companies we recommend are registered with the Office of Fair Trading and/or DEMSA and the Debt Resolution Forum. This gives you piece of mind that your finances are being handled correctly and in your best interests.

Do I Qualify for Bankruptcy?
See if you qualify for Bankruptcy with our Free Online Calculator and we will find the right company to help you back on your feet with your finances