Assisted Bankruptcy

Financial Problems

Have your debts become unmanageable and are you struggling to see how your financial position will ever improve?

Bankruptcy is just one way of dealing with your debts and the DPSP Team can provide the advice and service that you will need to complete the full bankruptcy process, if this is the right solution for you!

We are fully aware that people potentially facing bankruptcy can be worried about the whole situation. This is why the DPSP Team offer a range of services that include attending court with you and support before, during and after bankruptcy.

Bankruptcy can be seen as a "New Start", by removing the anxiety of being in debt, however some restrictions do apply. .

What is Bankruptcy?

In the past Bankruptcy has often had a certain stigma attached which has often left people with conflicting views on how it works. Rumours such as "you lose everything" or "it will affect your job" are not necessarily true. In reality the outcome of bankruptcy is highly dependent on each individual.

Declaring yourself bankrupt may not necessarily mean that you would lose your personal belongings, this very much depends on your personal circumstances.

Bankruptcy is something we try and avoid when helping clients in financial difficulty or at least look at as the last resort, but if it�s the �Right Solution for You� then with advice from our DPSP Team we can help you every step of the way.

For clients who are seriously in debt an IVA or bankruptcy may be the only option. Client must therefore understand the full implications of solutions, the Debt & Property Solutions Plus team of professionals can give you advice with this.

Bankruptcy Implications:

Your assets may have to be sold and shared out evenly amongst your creditors.
You could even lose your job.
You may be subject to an Income Payments Order and have to pay some of your disposable income to the trustee of your bankruptcy for three years. This will be divided evenly amongst your creditors.
You may find it difficult to get a new bank account as most banks do not offer a facility for bankrupts.
You will also be unlikely to gain further credit for six years, possibly even longer.

The final decision is yours!

Will Bankruptcy affect my future?

The Bankruptcy Discharge Period, normally lasts around a year, after this time you are Discharged from Bankruptcy. With regards to your Credit Record, Bankrupcy stays on your record for minimum of 6 years. Even after with future mortgage applications you may have to declare you had previously been bankrupt and you would not be able to become a Company Director of a limited company.

Alternatives to Bankruptcy

Bankruptcy may be the RIGHT solution for you but it isn�t always the right solution for everyone. There are numerous alternatives these include an IVA, DMP or a DRO (Debt Relief Order). The eligibility of these services depends on your surplus income after all your costs have been deducted, to find out the right solution for you click here.

Read more about an IVA

Read more about a Debt Relief Order

DPSP - 65 Heath Gap Road, Cannock, Staffs WS11 6DY.

Tel: 01543 462 357 Fax: 0844 2250713 Text: 07540 685832 Web: www.dpsp.co.uk

CLR PR Ltd � T/A Debt & Property Solutions Plus (DPSP). Consumer Credit Licence No: 620631. Data Protection Licence No: Z1426079.

Debt & Property Solutions Plus Ltd (DPSP). Ministry of Justice Registration No: CRM21101. Data Protection Licence No: Z2430403