Voluntary bankruptcy

A voluntary bankruptcy can be an incredibly confusing process but it shows that you're serious about ending your financial crisis.

If you're not completely sure, a voluntary bankruptcy is where you yourself decide that you simply can't afford to keep paying all the bills you have each month. But instead of waiting for your creditors to take action you take things into your own hands.

The one obvious benefit of a voluntary bankruptcy is that you have more control over things. Any form of bankruptcy is not going to be pleasent but at least with a voluntary bankruptcy you know when things are going to happen and won't lie awake at night worrying about the next day.

The process of a voluntary bankruptcy is pretty straightforward. All you have to do is get in touch with your local County Court and get hold of the relevant documents. From there you book arrange to go in and have your case heard. You can be made bankrupt right there on the same day and leave knowing exactly where you stand. For a more detailed version of the bankruptcy process see our other sources of information.

Sorting out a voluntary bankruptcy can be quite straigtforward. It's imperative though that you consider whether you need to go to the lengths of bankruptcy to improve your financial outlook. Make sure you seek professional advice in the shape of your bank or skilled and honest debt management companies. Entering into a voluntary bankruptcy when there are alternatives is a terrible mistake as the consequences are incredibly serious.

The obvious alternative to a bankruptcy is an IVA but this also carries severe consequences. Much like a voluntary bankruptcy though, you're taking matters into your own hands and there is certainly more room for flexibility with an IVA.

We have a significant amount of information on bankruptcy, the IVA and other forms of debt help right here. We can also divert you to other professional services that can offer you financial aid. Whatever steps you're planning to take though, make sure you think about it before acting.