|usually a last resort||may provide peace of mind|
|your assets will be sold to pay your debts||debts written off|
is an option that should only be considered as a last resort.
Whilst you may be able to start again
without overwhelming debts, there are many disadvantages to bankruptcy,
and you should consider other solutions such as an IVA first. If you are considering bankruptcy,
you should first fill out the simple form to the right, and one of our
trained debt advisors will see if an IVA
or debt management plan
is more suitable than bankruptcy. If you decide that bankruptcy
is the only answer, the implications are far reaching. You
will lose control of your assets, which will be sold to pay your
creditors (people and companies that you owe money to). Your
credit rating will be severely affected for some time after the bankruptcy
making it very difficult to get loans, store cards, credit cards etc.
You cannot act as a company director, or form, manage or
promote a limited (Ltd) company. Your bankruptcy
will be announced in the local newspapers and you may be publicly
examined in court. As an alternative to bankruptcy
you should see if an IVA is viable for you. This is a
Government debt initiative that allows a proportion of your debts to be
written off - sometimes as much as 75%, and avoid bankruptcy.
To see if an IVA is suitable for you just complete the simple
form to the right for free - you are under no obligation at this stage,
be taking the first step to becoming debt free.
|debt management||IVA||bankruptcy||consolidation loan|
|one affordable monthly payment||upto 75% of your debt written off||may provide peace of mind||save on monthly repayments|
|may freeze interest||reduce monthly payments||your assets will be sold to pay creditors||clear your other debts quickly|
|stress free||interest frozen||debts written off||one monthly payment|
|you don't have to deal with your creditors||debts of at least £5,000||usually a last resort||reduce your monthly bills|
|More about debt management||More about IVA's||More about bankruptcy||More about consolidation loans|
Bankruptcy is a legal status that usually lasts for one year. Bankruptcy should be taken very seriously, and before you make yourself bankrupt you should see whether an IVA is available to you instead. This will enable you to have a significant proportion of your debts written off - as much as 75% in some cases, and become debt free over a 5 year period. If you are made bankrupt, you will lose any possessions of any value, which will be sold to pay off a proportion of your debts. Depending on your earnings, you may also have to pay fixed monthly installments from your income for upto 3 years. You will still have to meet ongoing commitments such as rent and any debts incurred after you have been made bankrupt. Once bankrupt, you must stop using credit cards and bank accounts. You must also not obtain credit of over £500 without telling the creditor that you are bankrupt. If your debts are overwhelming, fill out the form above and see if an IVA from effective debt solutions is the answer for you.
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