Bankruptcy | Debt Solutions Explained | M1 Debt Solutions

Bankruptcy

Information about the most popular debt solutions


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).

Bankruptcy is an alternative insolvency solution to a Debt Relief Order (DRO) and a Individual Voluntary Arrangement (IVA).

Bankruptcy Advantages

  • Debts are written off with certain exceptions
  • You may be able to avoid having to sell your home
  • Creditors cannot take further action or contact you
  • Depending on your circumstances you could be debt free in one year

Bankruptcy Disadvantages

  • Your bankruptcy will be entered onto a public register
  • Your employment and any business ventures will be affected
  • You may have a bankruptcy restriction order made against you
  • You may have to pay a realisation fee based on assets you own
  • Your credit rating will be affected if you choose to become bankrupt and will show on your credit file for six years from the date you become bankrupt.

Bankruptcy Fees

In England and Wales:

  • the bankrupty deposit is £550 and
  • the adjudicator fee is £130

In Northern Ireland:

  • the court fee is £127,
  • the bankruptcy deposit is £525, and
  • a solicitor’s fee, which is normally £7

Applying for Bankruptcy

Applying for bankruptcy is now an online process. You can access this service here.

OTHER DEBT SOLUTIONS

Debt Relief Order (DRO)

Individual Voluntary Arrangement (IVA)

Debt Management Plan (DMP)

WHY CHOOSE M1 DEBT SOLUTIONS?

Our aim

Our aim

To help you understand the options available to you and help you on your road to debt recovery.

Experienced team

Experienced team

We have over 10 years experience helping our customers improve their circumstances and deal with their debts.

Experts on

Experts on

Bailiff enforcement action; Council Tax arrears; court fines; parking fines; gas, electric and water arrears; debt consolidation; and all debt solutions.

Paul – Reviews

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.

Paul

Cara – Reviews

Now I can be financially free quicker and can move on without all the hassle from my creditors.

Cara

Jayde – Reviews

Right from the beginning I felt reassured and confident he would be able to help me.

Jayde

Frances – Reviews

They took care of everything. Very professional.

Frances

Tim – Reviews

Very professional. Very understanding and non judgemental.

Tim

Nadine – Reviews

They were great from start to finish. I'm so happy with this service. Thank you very much.

Nadine

Susan – Reviews

Amazing helpful people.

Susan

Julie – Reviews

When I contacted M1 I was in a really difficult place and their efficient, considerate handling of my situation was quite simply amazing.

Julie

Tracy – Reviews

They dealt with my case very efficiently. They were very helpful and got me out of trouble with my debt and the horrible bailiffs!

Tracy

Bankruptcy

Updated on 2018-06-06T14:19:43+01:00, by admin_m1.