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Bankruptcy - Sole Trader Debt

What is Bankruptcy?

If you have serious debt problems Bankruptcy is a way of dealing with your debts if you are unable to pay them. In Bankruptcy your debts are usually greater than your assets. To be made bankrupt you can declare yourself bankrupt known as a debtor’s petition or one of your creditors with whom you owe more than £750 can petition for you to be made Bankrupt which is known as a creditors petition.

Bankruptcy should only be considered a debt solution as a last resort as it is very serious and can carry serious long term implications. There are various alternative debt solutions that could be considered if you are struggling to pay your debts. When you contact McCambridge Duffy we can talk through your situation with you to see what options are available and what may be your best course of action.

Bankruptcy usually lasts 1 year and when the bankruptcy period is over, most of your debts are discharged but you will have restrictions on obtaining credit. An official receiver is appointed to protect your assets and investigate the situation that has led to your bankruptcy.
For more information on Bankruptcy please get in touch with McCambridge Duffy today. It may be the case that we can find another debt solution for you and you may not have to face bankruptcy. Get in touch today and see how McCambridge Duffy can help you.

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" I found McCambridge Duffy to deliver on what they said they would do and to do so quickly with a minimum of fuss. There were not endless phone calls and letters but they got the facts, assembled the proposal and put it in place very quickly. The process was made less stressful by the way in which they managed it."

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Client was struggling with monthly debt repayments of £500 to several creditors. We were able to have this reduced to £250 per month, with all interest and charges frozen. In 60 months, any remaining debts will be written off and they will be debt free.

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