Becoming Bankrupt

Articles explain what bankruptcy means and how it works in practice. We cover the process, timeframes, impacts on relationships and what debts remain after discharge.

Bankruptcy and Your Student Loan

Student loans generally can't be cancelled through bankruptcy and you'll still need to repay them if you earn above the threshold.

Bankruptcy Explained

Understand what bankruptcy means, how it works, and what happens to your assets when you're declared bankrupt.

Bankruptcy or IVA: What's the Best Way to Go Bust?

Bankruptcy and IVAs both help with serious debt, but they work differently—here's how to tell which might suit your situation.

Changes to Bankruptcy Rules: Pay to Declare Bankruptcy?

New bankruptcy rules lower the disposable income threshold from £100 to £20 per week, meaning more of your money goes toward debts.

Famous Bankrupts

Even wealthy celebrities and famous figures have faced bankruptcy, proving it can happen to anyone and recovery is possible.

Headed for Bankruptcy: Top 5 Warning Signs

Spot these five red flags before financial trouble spirals into bankruptcy or serious debt problems.

How Bankruptcy Can Affect Your Relationships

Bankruptcy can strain your relationships, especially marriage, by transferring joint debts to your partner and forcing property sales.

How Long Does Bankruptcy Last?

Bankruptcy typically lasts 12 months before you're discharged and most debts are wiped, though credit records show it for six years afterward.

Huge Leap in Bankruptcy Among Women

Women now account for 40% of all bankruptcies, with numbers rising fivefold over the past decade due to pay inequality and job losses.

New Online Bankruptcy Procedures Could Spell Trouble

Debt advisors warn that faster online bankruptcy filing could backfire and worsen people's financial problems.

Step by Step: Visiting the Official Receiver's Office

When you're declared bankrupt, the Official Receiver may ask you to visit their office for an interview to discuss your finances and debts.

The Advantages of Becoming Bankrupt

Bankruptcy can actually offer real benefits like becoming debt-free quickly, but it only works if your debts qualify and you understand the trade-offs.

The Disadvantages of Becoming Bankrupt

Bankruptcy can solve debt problems but comes with serious costs: lost assets, damaged credit, employment limits, and public disclosure.

The Impact of Bankruptcy on Your Future

Bankruptcy typically lasts a year, but here's what happens to your finances and how long restrictions might actually apply.

What Bankruptcy Doesn't Cover?

Bankruptcy won't erase student loans, child support, fines, or secured debts, here's what you're still responsible for.

Why Bankrupts Are Being Excluded by High Street Banks

Bankrupt people discharged from bankruptcy struggle to open basic bank accounts despite having the legal right to do so.

Why Should I Declare Myself Bankrupt?

Bankruptcy can offer a way out of severe debt, but it's a last resort with long-term consequences you need to understand first.