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The stress and worry that comes with mounting debt only persists if you try to ignore the situation, but by doing this the consequences are much worse.
You could even find yourself in a position where bankruptcy is forced upon you by your creditors.
By filing for bankruptcy voluntarily you remain in control of the situation, and have a professional expert by your side to assist you every step of the way.
Despite the myths that surround bankruptcy, you can keep the tools of your trade, bedding, clothing, furniture, your car (if under £2500) and other household goods. Once you declare bankruptcy there is NO threat of bailiffs coming round. Once bankrupt, creditors can no longer contact you for your current debts as you will no longer be responsible for them.
Going bankrupt will give you the chance to wipe off your debt and have a fresh start. Within 12 months a first-time bankrupt can be discharged, and the restrictions lifted.
If you don't own your home, and if your occupation isn't affected, then bankruptcy is an option worth your time considering.
For advice more specific to your situation and circumstances it would be best to complete an enquiry form so that an advisor can call you back and discuss this in more detail. |
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Is Bankruptcy Right For You? |
It could be that bankruptcy is the most suitable debt solution for you.
You may hear that bankruptcy should be considered a last resort, and that you should try an IVA (Individual Voluntary Arrangement), IPP (Informal Payment Plan) or DMP (Debt Management Plan) first, but this isn't always suitable. What's right for you depends entirely on your circumstances as these are all solutions to the same problem, but tackled differently.
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Bankruptcy Assistance Service |
You may find that you would benefit from professional help in completing your Statement of Affairs and Bankruptcy Petition.
From the time that you decide to apply for a bankruptcy order, to the day that you are declared bankrupt, you may seek assistance in order to keep your creditors and bailiffs at bay. In addition, performing your own research into bankruptcy often results in receiving conflicting information, depending on the source(s).
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How to File for Bankruptcy |
After you've sought financial advice, you can either file the required paperwork yourself, or use the help of a Solicitor, Insolvency Practitioner or Bankruptcy assistance service to take care of everything.
Professional guidance can ensure that all Court paperwork is completed, creditors are kept at bay, legal action is averted...
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You are immediately free from debt and will not be responsible for any of your pre-existing debts.
It is a fresh start for you and your family to start again and build yourself up from a position of strength. You are immediately protected from all your creditors who form part of your bankruptcy.
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