Bridgewood Debt Solutions

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Personal Bankruptcy Application Support Service

Bankruptcy can be a difficult and painful process to go through, but for some people it may be the only option.

If you want to apply for bankruptcy or would like some professional advice about bankruptcy in relation to your personal circumstances, then we can help.

When you contact us we will first perform a full financial assessment and make sure you are aware of any alternative options available to you, such as an IVA or Debt Management Plan, along with the pros & cons and implications of each.

Should you decide that bankruptcy is the best option for you, there are a number of ways we can support you with your bankruptcy application and beyond, and details of our great value packages are below:


1. Standard Support Package

Covers all activity up to the Bankruptcy Order being made

Services provided:

  • Case specific pre-bankruptcy advice ‐ including an assessment of all the options open to you, a detailed overview of the bankruptcy process, and an explanation of what is likely to happen at each stage of the bankruptcy
  • Where necessary sending holding letters to creditors and dealing with any creditor issues pre-bankruptcy
  • Completion of the bankruptcy application on your behalf
  • General advice on the procedure

2. Extended Support Package

Covers activity between the Bankruptcy Order being made and your Discharge

Services provided, in addition to everything included with the Standard Package above:

  • Debtor documents and covering letter sent to Official Receiver on your behalf
  • Assisting you in preparing for your interview with Official Receiver
  • Assistance in completing all paperwork from the Official Receiver or Trustee in Bankruptcy
  • Assistance in challenging any unfair Income Payments Arrangement (IPA) ‐ if you have a surplus monthly income then you may need to pay this into your bankruptcy for up to 3 years. We can help you avoid or reduce this
  • Providing advice in relation to any assets in bankruptcy that need to be purchased from the Official Receiver or Trustee
  • On-going advice and assistance throughout the period until discharge from bankruptcy

3. Negotiation of Payment for Trustee's Interest

In circumstances where there is a specific asset that needs to be purchased back from the Official Receiver or Trustee then Bridgewood can offer to negotiate a purchase price which is as low as possible. This might be equity in your property, a pension fund, a vehicle or any other asset of value.

Bridgewood's fee for this service will be 15% of any "discount" achieved on the purchase price ‐ for example, if there is £12,000 of equity in a property and Bridgewood negotiate a purchase price with the Trustee of £8,000, then the fee due to Bridgewood will be £600


To discuss whether Bankruptcy is the right option for you

Call 0800 987 1040 or fill out the form below and we'll call you back


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Your privacy is important to us. All information submitted is treated in strictest confidence and we do not pass your details to any 3rd parties.

Submitting a call back request confirms that you have read and accept our Privacy Policy

 

Criteria for using our service

In order to use our bankruptcy support services you must be located in England or Wales and have debts of £750 or more.


The cost of making yourself bankrupt

In addition to our fees you must also pay all costs relating to making yourself bankrupt. There are 2 fees that you have to pay:

  1. The Adjudicator fee of £130 - for considering your application.
  2. The deposit of £550 - towards the costs of administering your bankruptcy.

If you are a married couple and are both applying for bankruptcy, then you will both be required to pay the fees.


Important considerations

  • Credit Rating
    Although your credit rating may already be poor, if you are declared bankrupt it will be listed on your credit file for 6 years, making it hard to obtain credit in the future.
  • Loss of Assets
    You will lose all assets of real value including your home, life insurance and possibly pension. This includes assets you may acquire during the term of your bankruptcy, such as an inheritance. Any business you own is likely to be immediately closed and any employees dismissed.
  • Loss of privacy
    Your building society, creditors, landlord etc will all be immediately informed.
  • Loss of access to banking and finance
    You will have all bank accounts, credit cards etc closed. Anything you might be leasing, or buying on hire purchase, such as your car will be immediately returned to the owner.
  • Loss of Status
    You may lose professional and business status and some employment opportunities may be prejudiced
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Call us on freephone

0800 987 1040

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We'll call you back


* = Required

Your privacy is important to us. All information submitted is treated in strictest confidence and we do not pass your details to any 3rd parties.

Submitting a call back request confirms that you have read and accept our Privacy Policy

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