Areas of Law / Bankruptcy Debt

The bank has repossessed my house, but I will still owe them money when they’ve sold it. I also have credit card and personal loan debts. Friends have suggested that I declare myself bankrupt, but is it a good option?

Bankruptcy generally only lasts for one year, after which you could potentially walk away from your debts without paying anything. It’s possible you would be ordered to pay your creditors an amount each month for up to three years. Contact the Citizens Advice Bureau’s debt counselling service to look at your finances in detail. If your debts don’t exceed £5,000 another option might be to apply for an administration order, which would prevent any further action on the part of your creditors as long as you paid a regular sum into court.

What our clients say about our lawyers

The advice provided was excellent and helped me in making key decisions.

A Satisfied Client


Read More

About Us

Leading legal advisors, problem solvers – all round good guys! We’re firm believers in a practical, no nonsense approach to law. Forget the jargon, we like to keep it simple – why complicate matters? No stress, no worry, just straightforward solutions to your legal issues. Free legal advice at your fingertips, from the experts to your inbox.

Free-Legal-Advice.co.uk is owned and operated by Farleys Solicitors LLP, a member of The Law Society and is regulated in the practice of law by the Solicitors Regulation Authority, Registration No: 484687. Any advice given on this site or in response to any question is only applicable to the law of England and Wales.

Privacy Policy | Terms