What is a Bankruptcy?

Bankruptcy is a formal insolvency solution that is in a lot of cases the best option for some clients. In bankruptcy you can have 100% of your debts legally written off.

When you are becoming bankrupt your local insolvency service will assess your income + expenditure along with any assets + liabilities to see if you should be liquidating any of your assets, like your home, to pay into your bankruptcy or they can decide that a monthly contribution into your bankruptcy is required.

Here at Refresh we will asses your current situation and advise you if bankruptcy is the best solution and what the potential outcomes of your bankruptcy would be for your individual situation.

Client Testimonial

“Before approaching Refresh we were at our wits end and our outgoings to our creditors were excessive. I have found the staff at Refresh to be competent, professional and the personal touch has been most reassuring.”


Apply Online
  • Level of Debt*Aprox. Figures
  • Full Name*
  • Telephone*Best Contact Number
  • Email*
  • Best Contact Time*

Get Help With Your Debts Today

Apply online now and we will assess your details and a Debt Adviser will contact you to discuss your options further.

We are not a call centre and we never use hard sell tactics, we are here to help & advise.  So don’t worry about speaking with us, if you only want more information at this stage that is absolutely fine, promise.

Don’t put it off until later because your debt will only be bigger by then.  Make the call now and find out where you stand.

We will be able to help you decide which debt solution would suit your circumstances best.

Don’t want to speak over the phone? Email us [email protected]

How a Debt Solution Works

Talk to Debt Adviser

Contact Refresh

Debt Adviser

Speak With a Debt Adviser

Debt Solution

Decide on Best Debt Solution

Debt Paperwork

Read & Return Your Paperwork

Start Debt Solution

Start Your Debt Solution

Become Debt Free

Become Debt Free!

Advantages of Bankruptcy

Creditors can’t take further action unless the debts are secured on your home or other property

Potentially write off up to 100% of your debts

Can be discharged from your Bankruptcy after 1 year

You may be able to avoid having to sell your home if your spouse, partner or a relative can buy your share of its value after any debts secured on it have been paid

It allows you to make a fresh start after only a year

Disadvantages of Bankruptcy

Your bankruptcy is entered on a public register and is advertised

If you apply to the court for your own bankruptcy, you will have to pay a court fee and deposit totaling £640 for clients in Northern Ireland or £680 for clients in England & Wales

You will remain liable to pay certain debts – in particular student loans, fines and some debts arising from family proceedings

Any business you have will almost certainly be closed down

Your employment may be affected

Certain professionals are barred from practicing if they are made bankrupt

You can’t act as a director of a company or be involved in its management unless the court agrees

You will be committing an offence if you get credit of £500 or more without disclosing that you are bankrupt

Fees & Key Information You Need to Know Before going Bankrupt

Our debt solutions are unique to each client to help you discover the quickest most cost effective method out of debt. Our fees are 100% dependent on your personal circumstances and we offer a unique Money Back Guarantee at Refresh Debt services we are upfront about our costs. Click here for Fees & key info.

Repaying your debt over a longer period of time can increase the total amount to be repaid. Your ability to obtain credit will be affected in the short term and may also be affected in the medium to long term. Fees are payable when continuing service is provided. A debt solution increases the likelihood of falling into arrears or increasing arrears.

You can also read The Insolvency Service’s guide ‘In Debt? Dealing with Your Creditors’.