If you have financial difficulties, one option available to you may be bankruptcy. Before considering this as an option you need to be fully aware of what this option is and the consequences of becoming bankrupt.
What is Bankruptcy?
Bankruptcy is a practical way of dealing with amounts of debt that you cannot pay. The process of becoming a bankrupt will free you from these debts and allow you to make a completely fresh start, subject to some restrictions. The process also ensures that any assets that you have are shared fairly amongst all your creditors.
Bankruptcy is not something to be entered into lightly. You may be required to give up any assets you have, including valuable possessions, and you may lose any interest you have in your home. If you run a business, you may also find that entering in to bankruptcy has implications on your business too.
There are different processes and conditions for entering in to bankruptcy depending upon where you live. You may also find that you qualify for a Debt Relief Order should you live in England, Wales or Northern Ireland.
If you have no real way of paying off your debts, then bankruptcy could be a suitable option. However, don’t make this decision alone, talk to us first.
For more information on bankruptcy in England and Wales, click HERE
For more information on bankruptcy in Scotland, click HERE
For more information on bankruptcy in Northern Ireland, click HERE
For more information on Debt Relief Orders in England, Wales and Northern Ireland, click HERE