Bankruptcy
Bankruptcy is often the last resort for someone struggling with debt. Bankruptcy is applicable to people whose debts are greater than their assets. This is a serious course of action and where possible we endeavor to find an alternative solution to your debt problems before approaching this route.
When you opt for bankruptcy it usually lasts for about a year however the implications of bankruptcy can last a lot longer. Once your debts have been cancelled via this route you may struggle to gain credit in the future.
Therefore other options, such as a Debt Management Plan or an IVA are an alternative route to bankruptcy and we can discuss the best route for you once you get in touch. If your debts are considerable and you feel that things are getting too much then we can help.
The benefits of Bankruptcy:
The cons of Bankruptcy:
There are other aspects of bankruptcy that we could expand on here but in essence each case is individual. Therefore your best route to find out more is to speak to one of our advisors. Why not get us to call you back? Fill in your details on the right and we will be in touch as soon as possible to advise you on the best course of action.
To find out more about Bankruptcy call us today or complete our online enquiry form.
Your credit file can be effected for up to 6 years after the completion of Bankruptcy.
For more information on the various debt solutions available to you please read the document on the following link In Debt? Dealing with your Creditors
Are We Qualified?
We at Debt Stop Direct are one of the first few regulated debt management companies to have staff take and qualify in CertDR (Certificate in Debt Resolution)
CertDR is accredited by the UK examination board of Edexcel and has been welcomed by regulators of the industry such as the Office of fair trading, Ministry of justice, Insolvency service and the Insolvency Practitioner Association.
This means the staff you talk to are highly knowledgeable and qualified to give the correct and fair advice regarding debt solutions
Bankruptcy is often the last resort for someone struggling with debt. Bankruptcy is applicable to people whose debts are greater than their assets. This is a serious course of action and where possible we endeavor to find an alternative solution to your debt problems before approaching this route.
When you opt for bankruptcy it usually lasts for about a year however the implications of bankruptcy can last a lot longer. Once your debts have been cancelled via this route you may struggle to gain credit in the future.
Therefore other options, such as a Debt Management Plan or an IVA are an alternative route to bankruptcy and we can discuss the best route for you once you get in touch. If your debts are considerable and you feel that things are getting too much then we can help.
The benefits of Bankruptcy:
- Debts are written off, with certain exceptions explained in the cons
- Creditors can’t take further action unless the debts are secured on your home or other property.
- It allows you to make a fresh start after only a year.
- You may be able to avoid having to sell your home if your spouse, partner or a relative can buy your share of its value after any debts secured on it have been paid.
The cons of Bankruptcy:
- Your bankruptcy is entered on a public register and is advertised.
- You will remain liable to pay certain debts – in particular student loans, fines and some debts arising from family proceedings.
- Any business you have will almost certainly be closed down.
- Your employment may be affected.
- Certain professionals are barred from practising if they are made bankrupt.
- You can’t act as a director of a company or be involved in its management unless the court agrees.
- You will be committing an offence if you get credit of £500 or more without disclosing that you are bankrupt.
- You may have a bankruptcy restrictions order made against you for 2 to 15 years if you acted irresponsibly, recklessly or dishonestly. This will place restrictions similar to those in force while a person is bankrupt, which the official receiver may apply for.
There are other aspects of bankruptcy that we could expand on here but in essence each case is individual. Therefore your best route to find out more is to speak to one of our advisors. Why not get us to call you back? Fill in your details on the right and we will be in touch as soon as possible to advise you on the best course of action.
To find out more about Bankruptcy call us today or complete our online enquiry form.
Your credit file can be effected for up to 6 years after the completion of Bankruptcy.
For more information on the various debt solutions available to you please read the document on the following link In Debt? Dealing with your Creditors
Are We Qualified?
We at Debt Stop Direct are one of the first few regulated debt management companies to have staff take and qualify in CertDR (Certificate in Debt Resolution)
CertDR is accredited by the UK examination board of Edexcel and has been welcomed by regulators of the industry such as the Office of fair trading, Ministry of justice, Insolvency service and the Insolvency Practitioner Association.
This means the staff you talk to are highly knowledgeable and qualified to give the correct and fair advice regarding debt solutions
