Alternatives to bankruptcy?
Informal Arrangement - You could consider writing to all your creditors to see if you can reach a compromise.
Individual Voluntary Arrangement - A formal version of the above. You will need to apply to court with the help of an authorised Insolvency Practitioner.
Administration Orders – Made by a county court. One or more of your creditors must have a court judgment against you and your total debts must be £5000 or less.
Debt Relief Orders – To qualify you must be unable to pay your debts, owe less than £15,000 and your assets must be worth less than £300. You must also have less than £50 per month disposable income, after paying normal living expenses.
For more details see our leaflets:
In Debt? – Dealing with your creditors (DOC, 1.6 Mb)
Alternatives to bankruptcy (DOC, 1.6 Mb)
If you still have unanswered questions about bankruptcy, you can contact The Insolvency Enquiry Line on 0845 602 9848 – between 8.00am and 5.00pm Monday – Friday except bank holidays; or email: Insolvency.EnquiryLine@insolvency.gsi.gov.uk