www.debtemergency.co.uk
DebtEmergency
DebtEmergency
+
+
+
+
+
+
Debt Management & Debt Advice Freephone 0800 634 5521
..............................................................................................................................................................................................................................................
Bankruptcy
"Bankruptcy should be the last resort, only for the seriously indebted"
© Debt Emergency
Debt Management & Debt Advice
Debt Management & Debt Advice
Q.
"Bankruptcy Is it for me?"
A.
...............................................................................
Freephone:
0800 634 5521
0800 634 5521
Bankruptcy should be the absolute last resort and is only for those who are seriously indebted and cannot pay back there debts. Bankruptcy does protect you from your creditors, it also allows the individual to make a fresh start, however a great deal of thought needs to be given about the implications it will have. You will have to sell your assets and the money will be used to pay your creditors (e.g. life insurance, pensions). You may also have to sell your house.
Bankruptcy should be the last resort:
- Bankruptcy protects you from your creditors.
- It also allows the individual to make a fresh start.
- Many implications in the process of Bankruptcy.
- Likely to have to sell your assets, money will be used to pay your creditors (e.g. life insurance, pensions).
- May also have to sell your house.
Some implications - Your unfortunate situation is advertised in local newspapers. There are also restrictions that accompany bankruptcy - having bank accounts and credit cards closed. Your landlord will be informed. In certain professions there is a risk of losing your job. If you have your own business, you will not be able to carry on operating as the director.
Our Advice - Our advisers will give you a fair assessment of the options available. There may be a better solution than bankruptcy we will discuss other possibilities, such as an IVA, this may be a better choice, if you owe more than £15,000 and you are in regular employment.
Our Advice - Our advisers will give you a fair assessment of the options available. There may be a better solution than bankruptcy we will discuss other possibilities, such as an IVA, this may be a better choice, if you owe more than £15,000 and you are in regular employment.
