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How Can Debt Stop Direct Help Me?

The Bankruptcy process at Debt Stop Direct ltd

Bankruptcy is an option that often has to be considered when an individual cannot pay their debts as they fall due. A first time bankrupt with debts will generally receive their discharge one year after the date of the bankruptcy order (there is the possibility that in some cases the bankruptcy discharge period will be less than one year). Although bankruptcy has a bad stigma and is publicly advertised, it should always be considered when dealing with individual insolvency cases.

If you need debt help, at Debt Stop Direct rest assured that you are our number one priority. We've already helped thousands who thought bankruptcy was their only option with our debt management schemes. If you haven't already looked at other options, you may be interested in discovering the benefits of an IVA or a Debt Management Plan. They will help you pay back your creditors without having to declare bankruptcy and they will not do the same damage to your credit history.

We are aware that bankruptcy can be a daunting prospect. Here at Debt Stop Direct we:

• Offer professional help and advice for clients considering bankruptcy as an option
• Make all of your creditors aware of your situation, showing them that you genuinely cannot afford to pay your debts in a reasonable amount of time.
• Locate and contact your local court. This will be the court you attend when the bankruptcy order is made
• Order and complete the relevant paperwork on your behalf. This includes a 30 page Statement of Affairs and a Debtor’s Petition
• Help and guide you through the full process of the bankruptcy arrangement, ensuring your case is dealt with comfortably and efficiently

While bankruptcy carries a nasty cultural stigma with it, it may be a very positive choice for a number of indebted individuals to help them lighten their financial burden. Here is a list of the possible benefits that bankruptcy can bring:

• 1. Allows for the "discharge" of most, if not all of your debts. This means that you are no longer legally obligated to pay the debts.
• 2. Prevents property from being repossessed, or it may require creditors to return property that was repossessed.
• 3. Stops the collection process. This means that creditors must stop attempting to collect on the debts.
• 4. Prevents you from having your utilities cut off, or if they are cut off, requires the utility company to restore service.
• 5. Stops/Prevents wage garnishment.
• 6. Halts the foreclosure process and gives you time to catch up on payments. This means you will not necessarily lose your house or mobile home.
• 7. Gives you the opportunity to dispute false claims from creditors who may be trying to collect more than what it owed to them.

While bankruptcy will allow for the discharge of a number of debts, others remain non-dischargeable according to federal regulation. Non-dischargeable debts include family support, student loans, certain types of taxes, and criminal fines. Liens, mortgages, and other secured debts will also survive bankruptcy procedures seeing as how they are secured by either some sort of collateral or by the government.

If you are declared bankrupt you can expect to;

• Have your situation advertised in the local press and the London Gazette.
• Lose any assets of real value
• Have all bank accounts, credit cards etc closed although you may open a new account once the bankruptcy order has been made.