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Bancruptcy from effective debt solutions  

Bankruptcy 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, but may be taking the first step to becoming debt free.


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Bankruptcy explained


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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