If you have no money left over, or you have so little that it will take you MANY YEARS to pay it back, then bankruptcy might be an option. If you are thinking of going Bankrupt then This page is a must read, we recomment that you spend 10 minutes to go over this page.
Facts About Bankruptcy
You cannot have more than £500.00 credit.
You cannot operate a business or be the Director of a company.
Any businesses you do own will be closed down, and assets that you own will be questioned.
You are not allowed to hold a public office or be a trustee of a charity.
Even after your bankrupcy has been finalised, but not discharged, the Official Receiver can make claim on any assets or investments that come into your possession, so you ahve to be careful with this aspect that most people forget!!!.
Going bankrupt will take the pressure of creditors away from you, you are also able to keep certain things, like household goods and a reasonable amount to live on.
Once bankruptcy order is finished, you are then able to make a fresh start and the money you owe is usually written off.
In many cases, this can be after only one year. With a bankrupcy order creditors have to stop most types of court action to get their money (but the bailiffs may still be able to take your belongings away).
However, there are disadvantages to going bankrupt, such as:-
If you own your own home, it might need to be sold.
Some of your possessions might have to be sold, for example, you will usually lose your car and any luxury items you own
if you own a business, it is more than likely that your business will be closed down and your employees sacked
You can't keep your bankruptcy private. A list of bankrupt people is published on the internet and your case could also be published in your local newspaper
You still won’t be able to avoid certain things like student loans that will never be written off!!
If you are considering bankrupsy that is strongly recommended that you talk with an advisor. This is for many reasons, most importantly to make sure that you have covered all options, your advisor will also make sure you are respresent accordingly infront of your creditors. This takes the considerable hassale away from dealing with the phone calls and endless letters.
We at Comprehensive Debt Management, can get you adequate Debt Management Advisors. We need you to fill in the form below to help us identify the right advisor/company for the job. We do this without any charge, and becuase we know what its like to have this feeling!!
The form will take you less then 5 minutes and will help you get out of debt!! Sound Fair?
Please remember we are doing this because we have been there and know what is like. The companies we mention usually know us by our site, so be sure to mention our name.
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