Benefits of Bankruptcy
Those who benefit from entering the protection of a Bankruptcy Order:
- People with no assets or little to no equity.
- People living in either rented accommodation or with friends and family,
- Those whose livelihoods would not be lost or affected by being protected by Bankruptcy
There are certain restrictions that will be placed on you if you when you are bankrupt, but aside from this:
- All of your pre-existing debt is wiped off.
- Creditors can no longer contact you.
- First-time bankrupts are usually discharged within 12 months (sometimes sooner).
- If you rent, live with parents or have no equity you don’t risk losing your home.
- You can keep tools of your trade.
- You can keep a car worth £2500 or less.
- You have the chance to rebuild your credit rating once discharged.
- You can get your finances back on track.
If you find that you may benefit from entering into bankruptcy then contact us for a consultation and we can arrange for an expert advisor to review your situation. If bankruptcy isn’t the best course of action then it won’t be recommended.
Is Bankruptcy Right For You?
It could be that bankruptcy is the most suitable debt solution for you.
You may hear that bankruptcy should be considered a last resort, and that you should try an IVA (Individual Voluntary Arrangement), IPP (Informal Payment Plan) or DMP (Debt Management Plan) first, but this isn’t always suitable. What’s right for you depends entirely on your circumstances as these are all solutions to the same problem, but tackled differently.
Bankruptcy Assistance Service
You may find that you would benefit from professional help in completing
Your Statement of Affairs and Bankruptcy Petition. From the time that you decide to apply for a bankruptcy order, to the day that you are declared bankrupt, you may seek assistance in order to keep your creditors and bailiffs at bay. In addition, performing your own research into bankruptcy often results in receiving conflicting information,
Effects of Bankruptcy
After you’ve sought financial advice, you can either file the required paperwork yourself, or use the help of a Solicitor, Insolvency Practitioner or Bankruptcy assistance service to take care of everything.
Professional guidance can ensure that all Court paperwork is completed, creditors are kept at bay, legal action is averted…
How to File for Bankruptcy
You will be instantly free from debt and no longer held responsible for any previous debts.
It will be a new start for the whole family so that you build a new life without worryand stress a normal life which you can enjoy. None of your creditors can come knocking on your door execept those who are secured after bankruptcy.