If you are in the difficult position of being completely unable to repay your creditors, declaring yourself bankrupt can get rid of debts that may otherwise take years to pay back. Going bankrupt would see you legally declared as unable to repay your debts.
Bankruptcy does have serious implications and should be considered very carefully, however it can bring a number of benefits:
The advantages of an Bankruptcy include:
- Debt You Have Can Usually Be Written Off
- You're Allowed To Keep Certain Assets
- Take Control of Your Debts Without A Loan
- Help You Regain Control of Your Finances
Factors you need to consider:
- Your Credit Rating Will Be Affected
- A Fee Of £680 Is Payable
- Employment Opportunities Could Be Restricted
- Your Assets May Be Taken
- Your Name Will Be Included In The Insolvency Register
If you think bankruptcy could help you with your existing debt issues, why not get in touch and provide a little information about yourself and your situation, and one of our dedicated debt specialist partners will give you a call. They will tell you whether you qualify for debt help, and will help you understand what options are available to you.