Personal Bankruptcy

Personal Bankruptcy

Making the best of a difficult situation
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Personal Bankruptcy

What is bankruptcy?

You’re declared bankrupt if you’re unable to pay off your debts.

How does this happen?

There are three distinct ways in which you might find yourself declared bankrupt.

  1. Having decided that you can’t pay off your debts, you can apply for your own bankruptcy.
  2. A creditor to whom you owe at least £5,000 can petition for you to be declared bankrupt.
  3. More rarely - if you’re in an Individual Voluntary Arrangement and find yourself unable to pay what’s due, then the IVA’s supervisor might petition for bankruptcy.

How we help

What does personal bankruptcy mean for me?


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Find out more about how we can support you through the difficult and stressful process of personal bankruptcy. We’re here to help with clear, straightforward, empathetic support.

Call us on 0116 2325117 (Leicester) or 01926 671891 (Warwick), or email us on