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| What is Bankruptcy?
Solution Remortgages have helped thousands of clients who, perhaps like you, thought that Bankruptcy was the only way to free themselves from debt.
For free advice and potential alternatives please call one of our Solution Remortgages expert advisors on 0800 520 0315, as there are many other alternatives, such as an IVA or Debt Management.
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A bankruptcy order will:- Free you from escalating debt, giving you a fresh start (subject to restrictions).
- Ensure your assets are shared out fairly among your creditors.
Recent legislation changes regarding Bankruptcy mean that the average period of Bankruptcy usually lasts 12 months as opposed to the previous 36 months, making it seem a more attractive choice.
However, there remains many serious consequences and bankruptcy should only ever be considered as a last resort.
Bankruptcy requires that the debtor must surrender any assets in order to pay off their debts. After the end of the period a debtor will be able to get a clear start, as most debts will be completely written off.
An individual can be declared bankrupt either voluntarily by making an application to their local County Court, or involuntarily through an application issued by one of your creditors, who is owed more than £750.
A bankruptcy order can still be made even if you refuse to acknowledge or agree to the proceedings. You should therefore co-operate and if you dispute the creditor’s claim, you should try and reach a settlement before the bankruptcy petition is due to be heard. Trying to do so afterwards is both difficult and expensive.
Free Bankruptcy Advice:
Solution Remortgages are on hand (via a free phone number, 0800 520 0315) to anyone that is having problems managing their debts and are looking for some friendly and professional advice.
Alternatively, fill in our online Enquiry Form and we will get back to you as soon as possible.
If
you want to hear more about how an IVA can work for you, or whether
you would be suitable for an IVA, simply call our expert advisors on 0800 520 0315
quote ref 1533, or fill in the
Mortgage Wizard to see what other solutions are available to you. |
