Bankruptcy

Bankruptcy – What are the implications?

Bankruptcy information

Whether you’re struggling to maintain your financial commitments or stuck in serious debt, bankruptcy should be viewed as your last resort. Other debt solutions, such as a debt management plan, may help solve your debt problem with fewer negative consequences, depending on your situation.

We are experts at helping people avoid bankruptcy. Whatever your situation, there may be an alternative.

It’s important to understand that with bankruptcy, while all your debt will be settled and cleared, your house and all other assets, such as expensive cars, shares, savings, valuable furniture, life insurance plans, and unapproved pension schemes could all be sold off to pay your creditors.

What else does bankruptcy involve?

Being made  bankrupt means your bank accounts and credit cards will be closed. Your bankruptcy may even be announced in the newspapers and it can mean other restrictions relating to your work and future ability to obtain loans, mortgages or credit cards. That’s why you should view this option very much as your last resort.

The lasting effects of bankruptcy.

You could be discharged from your bankruptcy after 12 months. However, you should be aware that this can be extended for as long as 15 years, depending on what restrictions are placed on you by the official receiver following their investigations.

Please contact us for more information.