What is bankruptcy? and how to go bankrupt
Bankruptcy is a formal insolvency arrangement to help people deal with serious debts that they cannot repay in a reasonable period of time.
Bankruptcy can be applied for by yourself or by someone else you owe money to (a creditor). For a creditor to make you bankrupt you must owe at least £5,000. Once bankrupt the money you owe will be written off and you will be debt free usually in one year (12 months).
In England and Wales:
- the deposit is £550 and
- the adjudicator fee is £130
In Northern Ireland:
- the court fee is £127,
- the deposit is £525, and
- a solicitor’s fee, which is normally £7
Individual Voluntary Arrangement (IVA)
Debt Management Plan (DMP)
Debt Relief Order (DRO)
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They dealt with my case very efficiently. They were very helpful and got me out of trouble with my debt and the horrible bailiffs!
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Now I can be financially free quicker and can move on without all the hassle from my creditors.
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The process was simple from start to finish and all the leg work was done by M1 Debt Solutions so I never had to stress out trying to make contact with all the companies I owed to.
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When I contacted M1 I was in a really difficult place and their efficient, considerate handling of my situation was quite simply amazing.
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Updated on 2019-07-23T12:38:09+01:00, by .