{"id":14910,"date":"2023-10-18T11:04:03","date_gmt":"2023-10-18T11:04:03","guid":{"rendered":"https:\/\/bankruptcyservices.co.uk\/?page_id=14910"},"modified":"2023-12-26T09:30:39","modified_gmt":"2023-12-26T09:30:39","slug":"is-bankruptcy-right-for-you","status":"publish","type":"page","link":"https:\/\/bankruptcyservices.co.uk\/index.php\/is-bankruptcy-right-for-you\/","title":{"rendered":"Is Bankruptcy Right For You?"},"content":{"rendered":"<div id=\"cmsmasters_row_ik3d6a6as\" class=\"cmsmasters_row cmsmasters_color_scheme_default cmsmasters_row_top_default cmsmasters_row_bot_default cmsmasters_row_boxed\">\n<div class=\"cmsmasters_row_outer_parent\">\n<div class=\"cmsmasters_row_outer\">\n<div class=\"cmsmasters_row_inner\">\n<div class=\"cmsmasters_row_margin\">\n<div id=\"cmsmasters_column_6rf377l5x8\" class=\"cmsmasters_column one_first\">\n<div class=\"cmsmasters_column_inner\"><div id=\"cmsmasters_heading_jkwzhl1wf\" class=\"cmsmasters_heading_wrap cmsmasters_heading_align_center\">\n\t<h3 class=\"cmsmasters_heading\">Is Bankruptcy Right For You?<\/h3>\n<\/div><div id=\"cmsmasters_fb_yf8rfmwam4\" class=\"cmsmasters_featured_block\">\n<div class=\"featured_block_inner\">\n<div class=\"featured_block_text\">\n<p style=\"text-align: center;\">It is possible that bankruptcy is the most suitable debt solution for you if your debt has become unmanageable and you can&#8217;t keep up your monthly repayments.. You may of been told that bankruptcy should be considered as a last resort, and that you should try an<strong>\u00a0IVA<\/strong>\u00a0(Individual Voluntary Arrangement),\u00a0<strong>IPP<\/strong>\u00a0(Informal Payment Plan) or\u00a0<strong>DMP<\/strong>\u00a0(Debt Management Plan) first, however this isn&#8217;t always suitable. What&#8217;s right for you depends entirely on your circumstances as these are all solutions to the same problem, but tackled differently.<\/p>\n<p style=\"text-align: center;\">What sets bankruptcy apart from the other debt solutions is the potential to wipe off 100% of your debt and have you discharged from bankruptcy within 12 months. Once discharged you no longer have the bankruptcy restrictions placed on you.<\/p>\n\n<\/div>\n<\/div>\n<\/div>\n<div id=\"cmsmasters_divider_hodsmyaypd\" class=\"cl\"><\/div>\n<\/div><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"cmsmasters_row_1az1cdtl38\" class=\"cmsmasters_row cmsmasters_color_scheme_default cmsmasters_row_top_default cmsmasters_row_bot_default cmsmasters_row_boxed\">\n<div class=\"cmsmasters_row_outer_parent\">\n<div class=\"cmsmasters_row_outer\">\n<div class=\"cmsmasters_row_inner\">\n<div class=\"cmsmasters_row_margin\">\n<div id=\"cmsmasters_column_6du8qu9y58\" class=\"cmsmasters_column one_half cmsmasters_column_sticky\">\n<div class=\"cmsmasters_column_inner\"><div id=\"cmsmasters_heading_hsb4ceke6r\" class=\"cmsmasters_heading_wrap cmsmasters_heading_align_center\">\n\t<h4 class=\"cmsmasters_heading\">Favourable circumstances concerning bankruptcy<\/h4>\n<\/div><div class=\"cmsmasters_text\">\n<p>People with no assets People living in either rented accommodation or with friends and family Those whose livelihoods would not be lost or affected by Bankruptcy<\/p>\n<p class=\"redtext\">There&#8217;s no risk of bailiffs coming round and taking any of your belongings. Once you enter into the protection of a bankruptcy order, creditors can no longer harass you for your debts as they are no longer your responsibility. You can keep the tools of your trade, your car (providing it&#8217;s not over \u00a32500), household goods, clothing, bedding and furniture.<\/p>\n<p>If you own your own property it will not be seized from you if it is in negative equity. However, if there is equity in the property then it will be seized.<\/p>\n<\/div>\n<\/div><\/div>\n<div id=\"cmsmasters_column_609ui0og8h\" class=\"cmsmasters_column one_half cmsmasters_column_sticky large-screen\">\n<div class=\"cmsmasters_column_inner\"><div id=\"cmsmasters_heading_hl22lev3xa\" class=\"cmsmasters_heading_wrap cmsmasters_heading_align_center\">\n\t<h4 class=\"cmsmasters_heading\">How bankruptcy affects you<\/h4>\n<\/div><div class=\"cmsmasters_text\">\n<p style=\"text-align: left;\">Once declared bankrupt you will be subjected to certain bankruptcy restrictions. You will not be able to obtain credit over \u00a3500 without informing the lender that you are bankrupt. Realistically, you will have difficulty obtaining any credit during the 12 months that you are bankrupt, but once discharged it will become increasingly easier and a discharged bankrupt will still be able to have a mortgage in the future.<\/p>\n<p style=\"text-align: left;\">Bankruptcy will be recorded on your credit file for 6 years from the day that you were made bankrupt, despite the fact that you will be discharged from bankruptcy after 12 months.<\/p>\n<\/div>\n<\/div><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"cmsmasters_row_ac4y2wcun8\" class=\"cmsmasters_row cmsmasters_color_scheme_default cmsmasters_row_top_default cmsmasters_row_bot_default cmsmasters_row_boxed\">\n<div class=\"cmsmasters_row_outer_parent\">\n<div class=\"cmsmasters_row_outer\">\n<div class=\"cmsmasters_row_inner\">\n<div class=\"cmsmasters_row_margin\">\n<div id=\"cmsmasters_column_38lyk6afwo\" class=\"cmsmasters_column one_half\">\n<div class=\"cmsmasters_column_inner\"><div id=\"cmsmasters_heading_57py5heu2m\" class=\"cmsmasters_heading_wrap cmsmasters_heading_align_center\">\n\t<h4 class=\"cmsmasters_heading\">What do you need to do?<\/h4>\n<\/div><div class=\"cmsmasters_text\">\n<p style=\"text-align: left;\">Seeking professional advice is the best way forward. You can complete an\u00a0<a class=\"boxtitle\" href=\"https:\/\/bankruptcyservices.co.uk\/old-website\/backup\/form\/index.html\">enquiry form<\/a>\u00a0and one of our advisors will call you back. Alternatively you can\u00a0<a class=\"boxtitle\" href=\"https:\/\/bankruptcyservices.co.uk\/old-website\/backup\/contact\/index.html\">contact us<\/a>\u00a0directly.<\/p>\n<p style=\"text-align: left;\">Start to gather all details of your creditors and what you owe, as well as a rough idea of your expenses. You will need this information later. If you&#8217;re not sure who your creditors are you can find them on your credit file.\u00a0<a class=\"boxtitle\" href=\"https:\/\/bankruptcyservices.co.uk\/old-website\/backup\/request-credit-file-report\/index.html\">Request your credit file here<\/a>.<\/p>\n<\/div>\n<\/div><\/div>\n<div id=\"cmsmasters_column_67nl5riwu\" class=\"cmsmasters_column one_half\">\n<div class=\"cmsmasters_column_inner\"><div id=\"cmsmasters_heading_ksq9gtlf1\" class=\"cmsmasters_heading_wrap cmsmasters_heading_align_center\">\n\t<h4 class=\"cmsmasters_heading\">Certain occupations are also excluded from bankruptcy<\/h4>\n<\/div><div class=\"cmsmasters_text\">\n<p style=\"text-align: left;\">Some occupations are affected by bankruptcy and it is your responsibility to check your employment contract if you are at all unsure.\u00a0<a class=\"boxtitle\" href=\"https:\/\/bankruptcyservices.co.uk\/old-website\/backup\/occupation\/index.html\">Click here to see if your occupation is affected<\/a>.<\/p>\n<\/div>\n<\/div><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-14910","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/bankruptcyservices.co.uk\/index.php\/wp-json\/wp\/v2\/pages\/14910","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bankruptcyservices.co.uk\/index.php\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/bankruptcyservices.co.uk\/index.php\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/bankruptcyservices.co.uk\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bankruptcyservices.co.uk\/index.php\/wp-json\/wp\/v2\/comments?post=14910"}],"version-history":[{"count":12,"href":"https:\/\/bankruptcyservices.co.uk\/index.php\/wp-json\/wp\/v2\/pages\/14910\/revisions"}],"predecessor-version":[{"id":15095,"href":"https:\/\/bankruptcyservices.co.uk\/index.php\/wp-json\/wp\/v2\/pages\/14910\/revisions\/15095"}],"wp:attachment":[{"href":"https:\/\/bankruptcyservices.co.uk\/index.php\/wp-json\/wp\/v2\/media?parent=14910"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}