Declaring Bankruptcy

One Advice believe that before you declare bankruptcy you should seek information about alternatives (such as an IVA) and ensure that these options have been fully explored.

For free ethical advice on declaring bankruptcy as well as other debt solutions, please call us free on 0800 019 5870 or fill in the Quick Enquiry Form and we will call you back.

Declaring Yourself Bankrupt 

If you think that declaring bankruptcy is an easy way to escape your debt, then it is important that you fully research bankruptcy, as it is never an easy option out of debt and there are long term implications which cannot be avoided. 

You can be declared bankrupt without your permission as creditors can take you to court for as little as a £750 debt.

Anyone can declare themselves bankrupt, and you will have to present your Bankruptcy application documents at your local County Court. You will also need to pay a court fee and appear at Court in person.

For detailed information about the process of declaring yourself bankrupt, please see our Bankruptcy Process page. 

Our One Advice advisors can offer you free advice about the bankruptcy procedure and the risks involved.

Entering into an IVA may adversely affect your credit rating for up to six years from the date of approval.

Your property will be protected within an IVA but you may be required to release all or part of any equity during the period of the arrangement.

Failure to complete the term of an IVA can result in bankruptcy.

(In Scotland, a PTD is the equivalent to an IVA.)