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Bankruptcy Help

It is not uncommon for people in the UK get into serious financial trouble. The statistics are on the increase, repayments become harder to make, mortgages are in arrears, debt recovery companies and court action is threatened. It can become very difficult to manage. Some people think that perhaps bankruptcy is the answer and it is a viable solution for those people who are unable to help themselves out of their financial problems and have also explored other financial solutions.

Bankruptcy is a serious legal step that can have lots of implications for you, your career, your home and your family. Before beginning any action towards bankruptcy, it's important that you seek debt advice on whether this is indeed the right financial solution for you. There are other options, and once you've heard all of them, you may still want someone to assist you with the financial and legal complexities.

An alternative to bankruptcy is an IVA, an Individual Voluntary Arrangement; this is an option for people who owe more than five thousand pounds of unsecured debt (meaning it isn't tied to your home for security or to any other assets) and who could manage monthly payments to be debt free within five years, without some of the severe restrictions placed on those who choose to become bankrupt. It is also the best route for those who would like to keep their home and/or car. You will also have to agree to an amount of money to pay back each month which is based on your financial circumstances and must be a minimum of £70. All payments made go into a single fund and this is then distributed between your unsecured creditors minus any applicable fees typically over five years.

The implications for those considering taking the step to becoming backrupt include the potential loss of assets, potential dismissal from their employment (for those involved in a sector where bankrupts may not be allowed to work), extreme difficulty getting credit in the future, and having the details of their bankruptcy arrangement published in the press and on the Insolvency Register website. Despite all of this, many are willing to take that step to ensure their future financial freedom.

If you would be interested in getting help with Bankruptcy or would like to talk about any other financial options, please call us on freephone 0808 22 22 123 or alternatively request a callback.

We offer impartial advice and will make you aware of all applicable financial solutions based on your individual financial circumstances. We will also make you fully aware of the potential costs, implications, advantages and disadvantages involved in any proposed financial solution.