,People think that it is a bad thing to become bankrupt because that means you are an untrustworthy person.. It is these kinds of ideas that stop people from become bankruptcy and allowing people to move and leave those problems behind.
In the current economic environment D. M. plans or IVAs arn’t the perfect solution for everyone, but your creditors will want to try and stop you from becoming bankrupt and continue to pay them on amonthly basis.
Bankruptcy is the only way to get those nasty creditors off your back and get rid of that debt problem once and for all.
This is what the governments’ UK Insolvency Service says about individual bankruptcy:
“Before you take any action to apply for your own bankruptcy, you should get your own legal or financial advice about bankruptcy and the other options available to you. The Insolvency Service and the courts cannot advise you on specific insolvency problems; for example, whether you should go bankrupt or your company should go into liquidation, or whether you should look at alternatives. You should get independent advice. You may consult a solicitor, a qualified accountant, an authorised insolvency practitioner or a reputable financial advisor.”
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.