Bankruptcy Support Services
Baker Evans specialises in offering advice and support to those facing insolvency. Click here to learn more about Baker Evans and our Bankruptcy Services.
What is Bankruptcy?
Bankruptcy is a type of debt solution that helps people clear debt when they cannot afford to repay creditors (companies they owe money to). Assets such as property, vehicles and valuable goods will be signed over to an Insolvency Practitioner and will be sold to help raise funds to repay creditors.
Bankruptcy should be considered as a last resort when dealing with debt problems as the impact on a person’s life can be quite severe.
Free from unsecured debts in 12 months
You can expect to be freed from unsecured debts included in your Bankruptcy Order after 12 months, however certain restrictions could apply. These will be outlined to you before commencing with Bankruptcy.
Protection from creditors
Creditors included in the Bankruptcy Order will no longer be able to chase you for settlement of debts or further payments.
Reduce stress
Bankruptcy can alleviate the pressure caused by debt for people who have been struggling to meet repayments to creditors.
Do you qualify for Bankruptcy?
Bankruptcy is available to people who:
- Are struggling to repay creditors
- Have a low disposable income
Criteria above should be used as a guide. For more information, complete the enquiry form and a member of the Baker Evans team will get back to you.
Only unsecured debts can be included in a Bankruptcy Order; such as personal loans, store card, credit card, catalogue accounts and bank overdrafts. Any secured debts like a mortgage, HP loan or council tax cannot be included in a plan. Child maintenance, student loans, TV licence or other household bills are also excluded from plans.Restrictions applyCredit rating
You could lose control of assets including your home and car to help repay creditors. Your assets will come under the control of your appointed Insolvency Practitioner. Similarly, if you own a business, you could be required to close it down.
You could also be required to make contributions from your monthly wage to repay creditors. This depends on personal circumstances and will be discussed with you before Bankruptcy proceedings begin.
If you are declared bankrupt, your employment could be affected. Your HR department will be able to provide more details.
Unsecured debtsCredit rating
You credit rating will be adversely affected in the long term and the Bankruptcy will remain on your credit file for 6 years after. You will also find it difficult to secure credit in the future.Unsecured debtsRestrictions apply
Interested in becoming an Introducer to the Paymex Group? Visit our Introducers page.
