- ACME House, 136 High Street, West Drayton, Middlesex, UB7 7BD
- debt@acmecredit.co.uk
At the end of bankruptcy, most unsecured debts are written off.
Bankruptcy typically lasts for one year, though financial obligations may continue longer if you can afford to make payments.
Creditors cannot take further action against you once bankruptcy is declared.
Your assets, such as your home or vehicle, may be sold to repay creditors. All your personal bank accounts, savings accounts,Credit cards accounts, Cypto Account, HP Agreements are likely to be closed so funds to pay creditors and service fee can be raised.
1)You live in England or Wales.
2) You owe more than you can repay.
3) You can’t come to a suitable management with your credits.
Speak to a debt adviser to determine if bankruptcy is the right option.
Submit your application online via the UK Government’s Insolvency Service.
The application fee is £680.
You can pay the fee in installments, but your application will not be processed until it’s paid in full.
The adjudicator will review your application and decide whether to approve it.
If approved, a bankruptcy order is issued, and your financial situation will be managed by the Official Receiver.
Official Receiver’s Role:
The Official Receiver will assess your finances and determine:
What assets may need to be sold.
If you need to make monthly payments through an Income Payment Agreement (IPA) for up to 3 years.
Impact on Assets:
-Your assets, such as property, vehicles, and valuable items, may be sold to repay creditors.
-Essential items and tools required for work are usually protected.
Credit File:
Bankruptcy remains on your credit file for 6 years, making it harder to borrow money during that time.
End of Bankruptcy:
After 12 months, you are discharged from bankruptcy, and most remaining debts are written off.
Bankruptcy can clear most unsecured debts, including:
Credit cards and store cards.
Personal loans.
Payday loans.
Utility bill arrears
Court fines.
Child maintenance payments.
Student loans.
Debt Secure Assets (e.g mortgage)
Clears most debts, offering a fresh financial start.
Provides legal protection from creditors.
Lasts only 12 months in most cases.
Negative impact on your credit rating for 6 years.
May require monthly payments for up to 3 years if you can afford them.
Certain debts, such as student loans, cannot be written off.
Bankruptcy is made public and may affect your professional status.
Before applying for bankruptcy, consider alternatives such as:
Debt Management Plan (DMP): An informal agreement to repay debts in manageable installments.
Individual Voluntary Arrangement (IVA): A formal agreement to repay a portion of your debts over 5-6 years.
Debt Relief Order (DRO): A low-cost alternative for those with minimal assets and low income.
Bankruptcy is a significant financial decision and should only be considered after seeking professional advice. At Acme Credit, our experienced advisors can:
Assess whether bankruptcy is the best option for you.
Help you explore alternatives that suit your financial situation.
Provide guidance throughout the bankruptcy process.
Do not let debt hold you back. For a confidential consultation with an experienced adviser, please get in touch with our team of debt advisors today. Take the step today towards a brighter financial future.
09:30 am - 6:00 pm
⚲ ACME House, 136 High Street,
West Drayton, Middlesex, UB7 7BD
Authorised and Regulated by the Financial Conduct Authority for Regulated Debts Ref No. 666760
Data Protection Number – Z9193403 . Registered in England and Wales -5570364.
