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Protected Bankruptcy

DebtProtected Bankruptcy

Protected bankruptcy simply refers to bankruptcy orders that are protected by Government legislation, which actually encompasses all agreed bankruptcies. Protected bankruptcy is one option for those who are unable to keep up with monthly payments, for example credit card repayments. However, there are other options, and bankruptcy should not be undertaken lightly. If you are thinking about declaring yourself bankrupt, it is worth considering the following issues and alternatives:  

  • Bankruptcy will show on your credit rating for six years and can make it hard to obtain credit as a result
  • Bankruptcy is not free and can be recorded on the bankruptcy register and in local newspapers
  • Equity, for example in your home, and assets may have to be surrendered before a bankruptcy order is agreed
  • Other solutions are available, for example IVAs, debt management plans and consolidation loans.  

If you are still considering protected bankruptcy, it is advisable to speak to a trained advisor who will be able to talk you through the advantages and disadvantages and how to apply for bankruptcy. Simply fill in the form and a helpful advisor will contact you to help answer any outstanding questions you may have.

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