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Bankruptcy Help

12 February 2009 - 12:53 If you are facing a financial struggle to make ends meet then bankruptcy may be a viable option.

Creditors promote the idea of a "bad stigma" being attached to bankruptcy, when in fact this is a notion that's fading fast as more people realise that bankruptcy can be the most suitable debt solution for them depending on their circumstances:

• If you have no assets.

  
  

• Live in a rented property or with family/friends.

  
  

• If your occupation is not affected.

You are able to keep the tools of your trade, and if you have a car worth £2500 or less you can keep that too. You can keep all clothing, bedding, furniture and household goods.

In most cases, first-time bankrupts can be discharged within 12 months, and in some cases as early as 7 months providing none of your creditors object.

As soon as you are discharged you can start to rebuild your credit rating again and all of the bankruptcy restrictions are lifted.