Bankruptcy Pros

It can sometimes seem that Bankruptcy is the only way that you can become Debt Free, but there are other alternatives. Debt Free can offer you free advice and information on other alternatives, such as an IVA or Debt Management Plan. Call Debt Free for more information on 0808 131 0039.

Debt Free - Bankruptcy Benefits

• When you are discharged from your Bankruptcy Order, all your debt is written off.
• You should become debt free within 12 months thus giving you a fresh financial start.
  (Unless you have an Income Payments Order which means you will make payments into the bankruptcy estate for an additional three years).
• Creditors are have to accept less money than is owed, and Bankruptcy will put an end to creditors’ phone calls and letters.

 

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.)