One of your options if you have debt problems could be bankruptcy. You can apply for bankruptcy if you can’t repay your debts.
In addition to being able to make yourself bankrupt, a creditor (someone you owe money to) can ask a court to make you bankrupt. A creditor can only do this if you owe them at least £5000.
The process to become bankrupt is different if you live in Scotland or Northern Ireland.
You can apply to make yourself bankrupt if you cannot pay your debts. It costs £680 to apply.
An adjudicator from the Insolvency Service will review your application. They will decide if you should be made bankrupt.
IVAs
CCJs
Bankruptcy
And All Bad Credit
If you do decide that bankruptcy is your only option you will find that your credit rating will be negatively effected, and being able to gain credit will be almost impossible in the mainstream market.
Entering into bankruptcy should not be taken on lightly, and you should always seek professional advice before entering on such a life changing decision.
At CVS Ltd we specialise in working with customers who have been bankrupt, offering fantastic deals on personal car leasing and business car leasing. We can personalise bad credit car finance agreements to suit you: adjust your contract terms to have high mileage, low initial payments, no deposit, and adjust the length of the lease
Get in touch with us today to discuss your bankruptcy car leasing options or apply.
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