|
|||
 |
|||
 |
Bankruptcy Advice | Debt Advice
What is Bankruptcy?
Bankruptcy is a debt solution available that can help people who are unable to pay any of their debts. It is seen as a last resort for most people in debt, as there are other debt solutions that may be more beneficial. However, if bankruptcy is the only option for your circumstances it can be a great opportunity to start a fresh and lift the weight off your shoulders.
You can make yourself bankrupt or if your debts are over £750 you can be made bankrupt by a creditor.
When you enter into Bankruptcy all of your assets are handed over to a Trustee who will sell your assets and distribute the proceeds to your creditors who you owe money to. This is to repay as much of the debt as possible.
After Bankruptcy, the creditors involved will not be able to make any further claims against you for your debt.
Disadvantages to entering into bankruptcy?
- Your bankruptcy is advertised in the local press
- Your landlord and anyone you have financial connections (banks etc...) with will be told about your bankruptcy
- Your employment may be at risk in some professions
- All of your assets become in possession of the Trustee who has the authority to disperse and dispose of them without your authority
- It remains on your credit record
Thinking about Bankruptcy | Being made Bankrupt
If you are thinking about Bankruptcy or a Creditor/s is trying to make you bankrupt, contact us at Debt Advice. We will be able to discuss your situation in detail to see if Bankruptcy is in fact your best and only option. If it isn't we can point you in a better direction. If it is, we can tell you all you need to know in giving you the best Bankruptcy advice. You can call our debt helpline on 0844 56789 44 or fill in a form on our Debt Advice page and we will be in touch.
You can also text us for debt advice on 88010.
*nb All information submitted is strictly confidential. We will not pass your details on to any third party and we will not use your information for any marketing purpose. Our debt advice is free, in your best interests for your individual circumstances and you are under no obligations.
read more about Bankruptcy here