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Bankruptcy Annulment Service

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Re10 - Freephone 0800 169 1536 - Lancaster, Leeds, York, Manchester, Birmingham, Plymouth, London, Maidstone


Bankruptcy



Bankruptcy is one way of dealing with debts you cannot pay. Bankruptcy proceedings free you from overwhelming debts so you can make a fresh start, subject to some restrictions and make sure your assets are shared out fairly among your creditors.

Anyone can go bankrupt, including individual members of a partnership. There are different insolvency procedures for dealing with companies and for partnerships themselves.

The Insolvency Service, an Executive Agency of the Department of Trade & Industry, has produced the following very informative leaflets which may be obtained directly from them or on their website at www.insolvency.gov.uk:
  • Guide to Bankruptcy
  • Dealing With Debt - How to Petition for Your Own Bankruptcy
  • What Will Happen to my Home?
If you have disposable income, the Trustee in Bankruptcy will require you to pay monthly contributions to him for a three year period.

If you own a property, the Trustee in Bankruptcy has 3 years to deal with realising the equity in it. He must realise (or sell) your share of any equity to raise money to pay your creditors. This will be done either by:
  • Selling it, or
  • Applying for an order for sale or possession, or
  • Applying for a charging order, or
  • Entering into an agreement with you.
Your Trustee in Bankruptcy cannot provide legal or financial advice to you. If you have a property it is therefore important that you seek your own independent advice.

Advantages Disadvantages
  • For the person involved, bankruptcy provides relative peace of mind and possible automatic discharge within one year.


  • For the creditors, bankruptcy allows a full investigation of the debtor's affairs to be carried out.
  • You lose control of your assets - this may include your house and vehicle.


  • You cannot obtain credit for more than £500 without permission from the lender.


  • Certain occupations and professions will not allow you to go bankrupt.


  • You cannot act as a company director.


  • You may be publicly examined in court.


  • You cannot take any part in the promotion, formation or management of a limited company without the permission of the court.


  • You may not act as a Justice of the Peace (JP) or school governor. You may not become a Member of Parliament. You may not become a member of the local authority.


  • Your credit is affected for many years after the annulment.

If you are not sure about the extent of your problem then try filling in our Debt Calculator

This will help you calculate how much money you have left over each month to pay your debts (creditors).

For specialist, confidential advice contact the Re10 helpline on 0800 169 1536.

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