Bankruptcy is the term given when you are unable to pay your debts.
It is a decision made by you or your creditor/s, influenced by the total amount of debt you have and your inability to meet the payments.
Being chased by creditors when you have no money can be extremely stressful. The decision to file for bankruptcy should not be made solely to stop demanding creditors. It is something that needs a lot of thought and also, some debts cannot be discharged in bankruptcy. You would be best to discuss your situation with a debt advisor, before making any decisions.
Depending on your circumstances, bankruptcy may or may not be right for you. The decision as to whether and when to file a bankruptcy petition should be based upon the facts of your individual case.
Sometimes when people find themselves facing serious debt problems bankruptcy may seem like the only way out. This is not always the case.
People with assets and / or professional jobs (or any other special circumstances) may wish to avoid bankruptcy. There are other options available but you should explore all these options carefully before making any decisions.
To find out if we can help you avoid bankruptcy or to get some advice on your debts, call 0800 043 3328 or fill out a bankruptcy enquiry form.
Click here to read some more common questions asked about Bankruptcy.
" From the moment we contacted McCambride Duffy we were reassured by professional staff who knew what they were doing. If we had any questions or concerns, a quick phone call was all it took to sort things out. We are completely satisfied with the service we have received and would recommend Mccambridge Duffy to anyone who is having financial problems. "
Work out what your new monthly debt repayment could be by filling in our debt and budget calculator form.
Client was paying over £920 per month to creditors. We were able to have this reduced to £350 per month, with all interest and charges frozen. After 60 months of paying this reduced amount their solution was complete, their remaining debt was written off and they were free of their debts.
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