• Freeze interest and charges on your debt immediately
• Stop contact and demands from your creditors
• Consolidate your debts into one affordable monthly payment
• A clear plan to get you out of debt at a sensible pace
• Free expert help and advice with no obligation or pressure

Bankruptcy Advice

Anyone can have financial problems that lead to personal bankruptcy, so if you find that you are in this situation you are certainly not alone. If you are considering taking this step you’ll want to know what happens when you declare bankruptcy, and seek some bankruptcy advice.

You may actually have some alternatives to bankruptcy so before you do make this decision you’ll want to gather all the bankruptcy information and bankruptcy advice that you can get.

Bankruptcy Information

The Advantages and Disadvantages to Declaring yourself Bankrupt

The main advantage of declaring bankruptcy is that you will get a new start, but there are far more disadvantages to bankruptcy, which is why it should be avoided if at all possible. When you petition for a personal bankruptcy, you will have to give up your possessions, as well as any interest in your home. If you own a business you will have to close that business and any employees you have will find themselves without any employment. All of your assets will be liquidated to pay your creditors. For more bankruptcy information speak to one of our bankruptcy information advisors for free.

Personal Bankruptcy

The process of declaring personal bankruptcy

When you declare bankruptcy you will have to petition the court and your debt will have to amount to at least £750. If you petition for bankruptcy, it will likely be handled by the High Court in London, although in some cases local courts may deal with a bankruptcy order. When a bankruptcy order is given it is a requirement that it be printed in the legal section of the London Gazette, as well as your own local newspaper. In addition, notice is sent out to your creditors.

An Official Receiver, or an Insolvency Practitioner will act as trustee of your bankruptcy estate and be responsible for disposing of all of your assets. The only items you will be able to keep are those that you need for work, or household items, such as bedding, clothing and other basic household necessities.

The Importance of Good Bankruptcy Advice

The consequences of bankruptcy are harsh, which is why you need to consider your alternatives and get good bankruptcy information before you make a decision to take such a drastic step.

One alternative to personal bankruptcy is the IVA debt solution; an IVA arrangement would help you to pay off your debt without having to sacrifice your assets to do it. When you seek bankruptcy advice you will likely be told about the alternatives that are available to you and encouraged to forestall bankruptcy if at all possible.

Although declaring bankruptcy can give you a new start, you will be starting over financially, as you’ll have no assets, plus you will no longer own your own home. To understand all the options call us for free bankruptcy advice with no obligation whatsoever.