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Debt Recovery Action

This section explains what happens when you don't pay debts like bank and building society loans, credit card debts, pay day loans, council tax and utility debts.

If you owe money and don't pay it back, the people you owe money to will usually start proceedings against you to recover the money.

The action that they takes depends on the type of debt and who you owe the money to.

Below you will find a summary of each type of recovery action and links to detailed explainations.

bankruptcy petition

If you have are struggling to repay your debts, it is vital that you take action quickly, as the longer you leave it the worse the situation will be. Your debts will not go away, but if you take action then we can help you make them manageable and help you get your finances back on track.

Our friendly experts are on hand today to provide confidential advice and start you on the first steps to get out of debt.

Take our debt test to find out how we could help >

Do I qualify for bankruptcy?

Use our Free Online Our Bankruptcy Qualification Check to see if Bankruptcy could be the right option for you. >

What Is A Bankruptcy Petition?

This section covers what will happen to you if file a bankruptcy petition or if you have received a creditors bankruptcy petition. There are three ways a bankruptcy petition can take place in the UK.

  • You can petition for bankruptcy, known as a debtor’s petition
  • A creditor’s petition, for a creditor to apply for a bankruptcy order to be made against you
  • A supervisor’s petition, which your supervisor in an IVA would use
Read our full guide to bankruptcy petitions...

What Is A Statutory Demand?

A Statutory Demand is a formal document which can be issued if you have failed to make payments to a debt. This is the first step of the legal process a creditor may use to make you bankrupt to recover their money. Read our full guide to Statutory Demands...

What Will Happen To My Home If I Go Bankrupt?

The Official Receiver or the trustee (if an insolvency practitioner has been appointed in place of the Official Receiver) may have to sell your home to go towards paying your bankruptcy debts. Read our full guide to what happens to your home in bankruptcy...

Can I Keep My Car If I Go Bankrupt?

The ownership of your vehicle will be affected by bankruptcy whether it's owned outright by you, or if you're paying for it through a finance package.

Your car or any other motor vehicle is an asset. The official receiver can sell your vehicle to help pay your bankruptcy debts.

Read our full guide to what happens to your car in bankruptcy...

What Happens To My Assets In Bankruptcy?

When you are declared bankrupt, you surrender all your assets, i.e. possessions of value, including any interest in your home.

The Trustee must be informed of all assets, it is their decision as to what you can keep. They will arrange for their sale, using the proceeds to pay the fees, costs and expenses of the bankruptcy, before paying the creditors.

Read our full guide to what happens to your assets in bankruptcy...

What Happens To My Pension If I Go Bankrupt?

Part or all of your pension may be claimed by your trustee in bankruptcy, whether you are receiving it now or it is due in the future.

When he or she has all the information about your pension, the official receiver or your trustee will be able to tell you what part, if any, of your pension is being claimed as an asset in your bankruptcy.

Read our full guide to what happens to your pension if you go bankrupt...

Which Debts Are Not Included In Bankruptcy?

You may be wondering what types of debt are included in bankruptcy. Bankruptcy writes off most types of debt, but not all of them.

Child maintenance arrears, criminal fines from a magistrates' court or Crown Court, fraudulent debts and student loans are some of the debts that can not be included in bankruptcy.

Read our full guide to which debts are not included in bankruptcy...

What Happens To My Bank Account If I Go Bankrupt?

When you are declared bankrupt, you must stop using your cheque book and bank cards, and immediately surrender them to the Official Receiver.

Accounts are normally frozen by the bank when they are told about your bankruptcy by the Official Receiver.

Some banks allow bankrupts to continue to use existing accounts.

Read our full guide to what happens to your bank account if you go bankrupt...

What Happens At My Bankruptcy Hearing?

At your bankruptcy hearing, a district judge will consider the bankruptcy petition to decide whether or not to make a bankruptcy order. Once a bankruptcy order is made, you are then officially bankrupt.

You and the Official Receiver attend the Bankruptcy Hearing. Creditors can also attend the bankruptcy hearing if they wish.

Read our full guide to what happens at a bankruptcy hearing...

What Is The Official Receiver?

The Official Receiver is a civil servant in The Insolvency Service and an officer of the court. He (or she) will be notified by the court of your bankruptcy. He will then be responsible through his staff for administering the initial stage, at least, of the insolvency case. This stage includes collecting and protecting any assets and investigating the causes of your bankruptcy.

Read our full guide to what is the Official Receiver...

Need bankruptcy advice?

Our panel of specialists can quickly advise you of your options if you are considering going bankrupt. Simply call the team on 0800 088 2208.
Alternatively take the online bankruptcy test and find your best solution.

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How to deal with a Debt Collection Letter from Phillips & Cohen Associates

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Have you received a letter from Phillips & Cohen Associates. In this guide we'll show you a common letter they send, the tactics they use and how to deal with...


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