Debt Healer UK est 2009
Call us now on: 0800 195 7831 Bankruptcy – Truths and Myths
For the vast majority of people, debt suddenly spirals out of control, frequently due to unforeseen circumstances such as a relationship break up, business problems, redundancy, sickness or unemployment. Suddenly we may find ourselves thrust into a suffocating mountain of debt, struggling to cope with the never ending phone calls and letters all of which are demanding money that we just don’t have, and threatening legal action; this is an incredibly stressful and frightening time and it is very difficult to see a way out, but there is always a way out of debt and Bankruptcy is one of these solutions.
Bankruptcy ultimately is legal protection for you; the ‘Debtor,’ being declared Bankrupt automatically makes it illegal for your creditors to harass you in any way, thus relieving you of this pressure.
Bankrupty as a Debt Solution - is often controversial, misunderstood and generates very mixed reactions; our aim here is to decipher a few of the myths and misunderstandings of Bankruptcy and help explain what actually does and does not happen.
What most people find worrying about Bankruptcy: after speaking with hundreds of people we have found that the most worrying aspect of bankruptcy is often the very word itself ‘Bankrupt,’ yet Bankruptcy is fast becoming an acceptable and bona fide debt solution and once the Myths are busted and it is understood what Bankruptcy can actually mean to ‘you and yours,’ you may well discover it is the best solution for your debt. Understanding your situation is everything, and this is where we can help.
The misconceptions surrounding what may be lost and what is protected in Bankruptcy - It is untrue that being declared bankrupt automatically results in you losing your home, vehicle, job etc. If you are lucky enough to have original oil paintings, expensive watches or an attic full of treasures it is highly likely you wouldn’t need to declare yourself bankrupt, however if you were, then it is also highly likely you will have to forfeit these items for the benefit of your creditors. However, your cherished pedigree dog or the beautiful designer dress you bought last year, your household furniture or your shiny 42” plasma TV hanging proudly on your wall are all of no consequence when you declare yourself bankrupt, and will not be taken in bankruptcy. You do not have your passport taken off you, you are allowed to marry, you can go on holiday and you are allowed to run a business and continue working- please call us now to find out the truth regards any other myths that are of concern to you.
What debts are included and excluded in Bankruptcy - All unsecured debt, with some exceptions, will be included in bankruptcy, credit card debts, overdrafts, personal loans, Income Tax and VAT, any shortfall in the sale of a repossessed property, any rent arrears, utility bills and most other unsecured debts other than fines and some council tax along with a few others will fall into Bankruptcy. Secured debs fall outside of Bankruptcy; for example a home you wish to retain, comes outside of bankruptcy, and as long as you are able to keep up the repayments on your mortgage your property should be safe in bankruptcy, please call for advice.
Bankruptcy Restrictions – Bankruptcy carries its own restrictions and includes not being able to borrow more than £500 during the term of bankruptcy without first declaring yourself a bankrupt, you will not be able to obtain a bank account with any credit facility, although you can have a bank account (normally even with a debit card) , you cannot work as an MP or in some public office roles and there are other occupations i.e. in some financial sectors that will also be restricted by bankruptcy, again please call for advice.
How long will I be an un-discharged Bankrupt - Bankruptcy lasts for a maximum of 12 months
Will it affect my credit rating –yes it will, but no worse than in an IVA, and in time if you so wish you can rebuild your credit history.
As with all debt solutions there are some negative effects that make Bankruptcy a serious step to take and one that you should not take lightly, the correct advice is very important, so call us to find out which debt solution would work best for you.
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Call us now on: 0800 195 7831 or
The Insolvency Service and the courts cannot advise you on specific insolvency problems; for example, whether you should go bankrupt or your company should go into liquidation, or whether you should look at alternatives. You should get independent advice, we can give you this. call us now.
Any information you provide will be kept completely confidential.
This site is for your information only, all debt solutions are provided through our associate debt solutions company who are fully compliant and regulated.
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