Bankruptcy Benefits

Bankruptcy can seem like the end of the line, but there are actually some benefits. It is true that this is something that is always best to avoid if possible, but sometimes it can be the best decision. We no longer put those who become bankrupt into debtor’s prison, and for a lot of people the negative consequences of choosing this option will be more than made up for by the relief of getting out of debt.

What is Bankruptcy?

A lot of people are scared of the word Bankruptcy and would do anything to avoid it and to be honest there are other debt solutions available that are much better financially then bankruptcy. In its most basic terms it means that an individual or business has reached a stage where they can no longer afford to pay their debts and so require a type of legal protection. If however you do have some money to offer your creditors on a monthly basis maybe a Debt Management Plan or an IVA might be e better debt solution for you.

Call the debt solutions helpline on: 0845 519 6093

Bankruptcy can be applied for by a creditor or the debtor, so words even if you want to avoid bankruptcy your creditors could apply to have you declared bankrupt if no offer of payment is made.

It comes as a surprise to a lot of people to find that they are actually expected to pay money if they want to declare themselves money. The current fee is £750 for a debtor’s bankruptcy petition. Bankruptcy is normally completed and fully settled within 12 months, and anything owed after this will be eliminated from your debt. It will not be possible for your creditor to engage on any further legal proceedings against you after this.

Bankruptcy Benefits

Although bankruptcy is a very negative debt solution there are some benefits to going bankrupt:

You will usually end up paying back a lot less than the money you owe.

No further legal proceedings can be taken against you.

The worry of debt is removed and you can get your life back together.

Can debt solutions help me get out of debt?

YES we can. Everyone’s personal situation is different and each debt solution is different so we need to work out which will best suit your financial needs.

We will complete a FREE 20 minute fact find with you to work out what your earning and spending and this will let us know how much you can afford to pay to your creditors and also which debt solution is best for you to help you get out of debt. You are under no obligation but I am sure you will be 100% happy with what out debt advisors can do for you.

We pride ourselves in our friendly, professional approach to finding the right debt solution for every one of our clients, which is honest, confidential and always the ‘best advice’ based on your individual circumstances.

If you would like to speak to one of our friendly, professional debt experts about any of our debt solutions you can either call our debt solutions helpline on: 0845 159 6093 or complete our online contact form and one of our debt advisors will call you back within the hour.

Start you debt free life today! with one of our debt solutions.

Debt Management | Individual Voluntary Arrangement | Protected Trust Deed | Bankruptcy