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Bankruptcy is a process which should be carefully considered before going ahead. The articles presented here are to help provide you with the information you need to make an informed decision. |
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Much like an IVA, bankruptcy is another option for dealing with your debts but is often looked upon as a ‘last resort’. For some people bankruptcy may be the ideal solution for their debts and circumstances, for others an IVA may be more suitable.
In summary if you haven’t got any high value assets, live in rented accommodation and don't have an affected occupation then bankruptcy could be your best option.
If you are a homeowner and do not want to lose your home; your occupation is excluded from bankruptcy and you have assets you want to protect then an IVA may be more suitable for your situation.
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Filing for bankruptcy in the UK is an easier process when you have professional advice and guidance. The circumstances that surround your current financial situation, the amount of debt, your assets and sometimes your occupation are factors that will determine if this is the correct course of action that you need to take.
If you don't own your own home, don't have any savings and don't own an expensive car then, generally speaking, bankruptcy can be a more suitable option than perhaps an IVA (Individual Voluntary Agreement) or DMP (Debt Management Program).
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Following bankruptcy certain restrictions are placed on you. These are as follows:
- You lose control of your assets (house, savings, expensive car (over £2000)
- You cannot obtain credit for over £500 without declaring that you are bankrupt..
- You cannot take any part in the promotion, formation or management of a limited company (LTD) without the permission of the court.
- You cannot trade in any business under any other name unless you inform all persons concerned of the bankruptcy.
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The benefits of bankruptcy |
Those who benefit from entering the protection of a Bankruptcy Order:
- People with no assets or 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
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Generally, people try to avoid bankruptcy because of a perceived stigma attached to it. The myths that have surrounded bankruptcy have kept people from clearing their debts using this process.
In today's economic climate debt management plans or IVAs are not always effective for everyone, but creditors still want consumers to avoid bankruptcy and agree to nominal monthly payment plans.
Bankruptcy is a legal solution to eliminate your debt, and one that should be explored if your debt has become unmanageable.
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The stress and worry that comes with mounting debt only persists if you try to ignore the situation, but by doing this the consequences are much worse. You could even find yourself in a position where bankruptcy is forced upon you by your creditors. By filing for bankruptcy voluntarily you remain in control of the situation, and have an industry professional on your side to assist you every step of the way.
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You can ask your local court for the necessary paperwork to apply for bankruptcy, but 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, depending on the source(s).
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