Bankruptcy is a form of Insolvency and is the most severe consequence of debt and should never be entered into lightly. For some people, however, it may be the most appropriate Debt Solution. It can be the best way to repay what you can of you debt, write off the rest – and make a new beginning.
If your debts are high and your income is low, it’s worth finding out more about bankruptcy. Ask yourself
If the answer to every question is ‘no’, there’s a good chance bankruptcy could be right for you, but please read on to get further information on the advantages and disadvantages of this important decision.
There are many factors to consider when deciding whether to go Bankrupt and the process can often be unclear. Many people believe that if you are a homeowner you will automatically lose your house or have to sell. Many people in negative equity get to keep their houses after going through bankruptcy and also retain all reasonable assets, such as cars etc.
Voluntary bankruptcy is where we file a bankruptcy petition at the County Court on your behalf, and it’s up to the district judge to decide whether or not to grant the bankruptcy.
Bankruptcy is just one Debt Solution. Many people would be better off considering one of the following options offered by Fresh Start UK
For more Advantages and Disadvantages of Bankruptcy, click here
Fresh Start UK can help you during this difficult process and work with you to gather all the information and administer the bankruptcy. We do not offer bankruptcy advice as we are not Insolvency Practitioners, but we can discuss if there is another Debt Solution that would better suit you.
For advice on Bankruptcy and further information, if you live in England, Wales or Northern Ireland, visit: The Insolvency Service.
Subject to eligibility and acceptance. Conditions apply. Alternative Debt Solutions may be offered. No Bankruptcy advice is given, we only assist in administration of the Bankruptcy. Fees payable for services. Your ability to obtain credit will be affected for 6 years as Bankruptcy is a form of Insolvency. Calls maybe recorded.