What is Bankruptcy

Churchwood Finance are equipped with the expertise and product knowledge you need to make a decision on what's the best option for you. We are a well established, trustworthy, regulated company that have helped thousands of clients improve their credit profile and start living again. What ever solution we recommend, professional, honest, trustworthy advice is always given and FAST solutions are gained.

Have you no way of paying back your debts? If this is your circumstance, then a first time bankruptcy with debts, will generally mean you receive your discharge one year after the date of the bankruptcy order (there is the possibility that in some cases the bankruptcy discharge period will be less than one year).

Why Bankruptcy?

• Make a fresh start, free yourself from the stress that overwhelming debts with no way to pay them.
• Assets can be shared out fairly among your creditors.
• For you, bankruptcy may provide relative peace of mind and possible automatic discharge after one year (or less in some cases).
• For the creditors, bankruptcy allows a full investigation of the debtor's affairs to be carried out.

How does it work?

There are 3 ways you can be made bankrupt:-
Voluntarily - You make yourself Bankrupt
Involuntarily - By your creditors
The supervisor or anyone bound by an IVA

A bankruptcy order can still be made even if you refuse to acknowledge the proceedings or refuse to agree to them. You should therefore co-operate fully once the bankruptcy proceedings have begun. If you dispute the creditor's claim, you should try and reach a settlement before the bankruptcy petition is due to be heard. Trying to do so after the bankruptcy order is made is both difficult and expensive.