Bankruptcy
Bankruptcy is a formal insolvency procedure. You make an application online to the Insolvency Service which costs £680. This can be paid in instalments. The Official Receiver will review your income, expenditure, assets, and liabilities. You will usually be discharged after 12 months however, if you have agreed or been ordered to make payments this may last for 3 years.
Advantages
- Bankruptcy includes most debts
- Your creditors can no longer enforce their debts once your Bankruptcy is approved
- You can pay the fee in instalments; however, you cannot submit the application until it is paid in full
- In straight forward cases you will be discharged from bankruptcy in 12 months
- You may not have to pay your debts in full depending on the assets that are available and the amounts that are paid in
Disadvantages
- If you’re in employment you may have to make monthly contributions into your bankruptcy for a period of 3 years, this is referred to as an Income Payment Order / Arrangement.
- If you own assets, they could be at risk
- Your details will be listed on the Insolvency Register
- Your credit rating will be negatively affected for 6 years
- Certain debts cannot be included within an IVA such as Social Fund loans and court fines
Parkfield Insolvency will not charge you a fee for initial information and signposting. If you were to proceed and implement a recommended debt solution where fees are applicable, full details will be provided before setting up. Parkfield Insolvency proposes and administers Individual Voluntary Arrangements (IVAs). Advice is provided on the basis that there is reasonable contemplation of an insolvency appointment, once it is apparent that an IVA is likely to be the most appropriate debt solution. The debt solutions offered by Parkfield Insolvency Limited only apply to residents of England, and Wales.
Parkfield Insolvency is a trading style of Parkfield Insolvency Limited, Company Number 14371483, registered in England and Wales, at Dalton House, Cross Street, Sale, M33 7AR.
Peter Jackson is authorised by the Insolvency Practitioners Association to act as a Licensed Insolvency Practitioner.
To qualify for an IVA with Parkfield Insolvency, you must have a minimum of £6,000 of qualifying unsecured debt owed to two or more creditors
There is potentially a debt write off in some IVAs. However, the amount of debt written off differs for each customer depending upon their individual financial circumstances and is subject to the approval of their creditors.
Data Protection Act Registration Number – ZB399874. To find out more about managing your money and getting free advice, visit Money Helper, an independent service set up to help people manage their money.
