Declaring yourself bankrupt is an option any individual can take when there is no available money to deal with debts.
Once you have declared yourself bankrupt your creditors will share any of your available assets evenly amongst themselves. You will normally be discharged after a twelve month period and, subject to one or two conditions, and your unsecured debts will normally be written off.
In 2009 a Debt Relief Order (DRO) was introduced as an alternative form of bankruptcy for people with debts under £15,000. To qualify, you must have savings less than £300 and a low value car not exceeding £1000. A DRO is aimed at low income individuals and costs less than £100 to set up.
There are pros and cons in declaring yourself bankrupt and you should always seek professional advice.
The main advantages in declaring yourself bankrupt is that once the bankruptcy is over, your unsecured debts will be written off and you will be able to make a fresh start.
The disadvantages will be that your credit rating will be seriously affected. All secured debt will still have to be paid and your details will be listed on the Insolvency Register. Depending on your employment status, you may be unable to continue working.
SIS Insurance are Specialist Insurance Brokers and provide award winning products that offer comprehensive insurance for bankrupts (discharged and non-discharged). We provide policies for public & employer's liability insurance, professional indemnity insurance, home insurance and car insurance.
We have many individuals who have come to us seeking help, particularly self-employed traders, shop keepers, company directors, who wish to turn their lives around and begin trading again. Most insurers will refuse to quote for people disclosing a discharged bankruptcy (over 12 months) and even fewer for a non-discharged bankruptcy (less than 12 months).
We are able to provide essential insurance for bankrupts who want a fresh start and a chance to begin again and begin again to provide for themselves and their families.
If you have been declared bankrupt and need insurance, make your selection below or call SIS today on 0161 969 6040.