Best Bankruptcy Companies 2023

When looking for a Bankruptcy company you need to choose a reputable insolvency practitioner.

The best Bankruptcy company 2023 is there to assist you with debts and write off debts if you need to declare yourself bankrupt.

There are many insolvency practitioners to choose from but here is the updated list of the top-rated IPs in the UK.

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Are you looking for the best bankruptcy experts to help you navigate your mounting debts? Are you struggling to meet creditor demands, and are looking increasingly likely to need to write off any money that you owe?

This might mean that you need to consider corporate or company bankruptcy. Bankruptcy is a process that can apply to individuals as well as company owners, meaning that there is always a solution to erasing debt at the last possible moment.

Best-Bankruptcy-Companies

However, once you have declared bankruptcy, your personal and professional finances may be affected for a long time.

Therefore, before you go through any kind of debt wiping or company restructuring, you must consider the ramifications – and get in touch with the best bankruptcy company to guide you through the process.

In this guide, we’ve listed the best companies available to help you consider bankruptcy for your business or personal finances.

Before you go ahead and file for any kind of bankruptcy or sequestration, you must ensure you have access to legal advice, support, and all the facts.

Table of Content

1 Best Bankruptcy Companies 2023
2 What is a Bankruptcy Company?
- 2.1 What is Bankruptcy?
3 Should I File for Bankruptcy?
4 What is a Bankruptcy Company?
5 Are There Other Debt Solutions Available?
6 Where Do I Start?
7 Other Debt Solutions
8 Bankruptcy Costs
9 All UK Insolvency Practitioners

From our research, here is a list of the best Bankruptcy companies in December 2023:

What is a Bankruptcy Company?

A Bankruptcy company is a business who helps you deal with writing off debts on your credit file.

Our video above explains all about bankruptcy.

Did You Know You Can Write Off Up To 85% Of Your Debts?

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What is Bankruptcy?

Bankruptcy is essentially the act of closing down your business and debts.

Once you have filed for bankruptcy, you will agree with creditors that your standing debt will completely wipe clean.
This means that you will no longer owe money to those pursuing for repayment.
However, it will also mean that your credit file is adversely affected for several years, and that you may not be able to run a company of any kind until your financial profile ‘heals’.

Therefore, while declaring bankruptcy to your creditors – especially as a company owner – may seem like the ideal solution to wipe off any money that you owe, it does come with a few caveats.

Licenced insolvency practitioners will normally only ever suggest bankruptcy when all other debt solution options have been explored and exhausted.

This is why it’s important to approach the best companies offering bankruptcy advice and protection before you approach creditors outright.

You must also keep in mind that, in many cases, you will need to give up assets to be sold towards your debt. In some cases, your assets may be considered exempt – but it is always a good idea to keep an open mind.

Should I File for Bankruptcy?

Filing for bankruptcy is only likely to be a good idea if there are no other options available for you to relieve yourself of long-standing debt.

You must keep in mind, too, that bankruptcy is something you have to publicly announce that you are bankrupt. This means that any future creditors you enter business with, or any companies who have access to public records, will be able to see your status.

You should only ever file for bankruptcy as the ‘last resort’. It could mean that you have to tie up your business and sell off your firm as one of many assets towards your debt.

Again, this may vary depending on how much you owe, and the type of debt you have built up.

This is another good reason why you should always approach debt advisors before taking any action on your own. Bankruptcy is more than just asking creditors to wipe money off your file.

It’s going to mean adjustment for you several years down the line, and it may even affect your ability to borrow money and take out mortgages in future.

What is a Bankruptcy Company?

A bankruptcy company is one who advises business owners and individuals on the best options they should take with regard to a variety of different debt solution matters.

You should look for a licenced insolvency practitioner with years of experience, and who offers a variety of packages and services to help you break free from long-standing debt.

The best companies advising on bankruptcy will not just give you advice on whether or not declaring bankruptcy is a good idea.

They will help you to look at other corporate and commercial debts solution options. For example, you may benefit more from a complete restructuring plan. There may be ways for you to find debt relief without having to completely wipe off the money that you owe.

This, ultimately, could make all the difference between having to deal with a back log of credit problems later on in time.

However, if bankruptcy and asset sales look likely to benefit you more than other debt solution options, the best bankruptcy advisors will follow such a solution. It always pays to ask for help, no matter how much or how little you might actually owe!

Are There Other Debt Solutions Available?

Yes – there are many different types of debt solution available which may support you outside of bankruptcy and sequestration.

For example, in some cases, you may benefit from a full and final settlement. This could be a worthwhile financial option if you find that you owe a lot of money to one creditor, but have a large lump sum that you pay towards your debts.
A plan for restructuring may also help you to free up money in your business. This type of financial advice and protection could help you to keep running your company without the need to tie things up or sell off assets to pay for debt.
Alternatively, you may be able to reduce the amount you owe to creditors by negotiating. However, while you may feel confident that you can make a worthwhile offer for any money that you owe, an insolvency practitioner will be able to ensure you are using the right language, and the best approach.

Where Do I Start?

When it comes to debt and bankruptcy, you should always take the time to ask for help from specific financial services.

They will help you to understand how to conveniently clear the money that you owe, and may even help you avoid having to declare bankruptcy altogether.

If you have never declared bankruptcy before, the process may seem a little confusing. Therefore, do make sure to look through our list of the best insolvency practitioners available to help you navigate the bankruptcy process right now.

Don’t give up on clearing debt by risking your credit score – be sure to discuss your options with companies who have your best financial interests at heart. Whether you have bankruptcy protection or not, never take financial matters too lightly!

Bankruptcy Costs

Bankruptcy is a formal court procedure which you can start or which one or more of your creditors owed £750 or more can start. Your assets (with certain exceptions) are sold to help pay your creditors. However, you can usually keep your personal belongings, the contents of your home and your tools of the trade (which may include your car) unless they have a high value.

If you have surplus income after meeting your essential household and personal expenses, you will have to make payments out of your income for up to 3 years.

Your assets and income are dealt with by a licensed and regulated insolvency practitioner or by a government official called the official receiver.

All UK Insolvency Practitioners

Here is a full list of Insolvency Practitioners in the UK:

The insolvency practitioner list above gives you plenty of options to choose the best IVA firm in December 2023.