Is bankruptcy right for you? Bankruptcy is the most drastic solution to your debt problems but there are alternatives.
Bankruptcy is a serious and life-changing process which should not be entered into voluntarily unless all other options have been considered.
Personal bankruptcy can occur when an individual becomes insolvent – i.e., they have debts they can no longer pay off.
A bankruptcy petition can be presented by the debtor or a creditor who is owed £750 or more. The application is then advertised in the press and banks, creditors, landlords, etc, are informed.
An official receiver takes stock of the debtor’s finances and a trustee is appointed, to whom the bankrupt’s estate is transferred. The debtor’s assets are sold off to pay creditors and unless the bankrupt party can buy back the assets with third-party funds, they will be lost.
Bankruptcies usually last for one to three years. During the term of the bankruptcy there are restrictions against managing, promoting or starting a business and acting as a director. Also, the bankrupt cannot obtain credit of more than £250 without disclosing their bankruptcy.
There is almost no turning back from bankruptcy. Don't believe the hype that bankruptcy is now a soft option.
However, in many cases of personal insolvency, bankruptcy can be avoided. The best way to find out how is through professional debt advice. The Debt Counsellors can assess your circumstances and talk you through all the options available to you.
It's possible that instead of bankruptcy, you qualify for an IVA (Individual Voluntary Agreement), the legal alternative to bankruptcy. Find out if you qualify for an IVA.
Also, the bankruptcy articles below will help you decide:
Bankruptcy and insolvency are growing problems in the UK, with the numbers of cases reaching record proportions.
If you are suffering with serious debt or are insolvent, The Debt Counsellors can talk you through the insolvency act and advise you of what do to.
Before asking, 'How do I file for bankruptcy?' find out about the alternatives from The Debt Counsellors.
Before you declare yourself bankrupt, find out about the alternatives from The Debt Counsellors.
The Debt Counsellors can answer all your bankruptcy questions and also tell you about the alternatives.
There are too many people going bankrupt in the UK but there are ways to avoid it.
Are you asking, 'How can I declare myself bankrupt?' First, you should find out how you can avoid going bankrupt.
Too many people enter into bankruptcy without full knowledge of how the bankruptcy laws could affect their future.
With the help of an insolvency practitioner, serious debt problems can be eased through an Individual Voluntary Arrangement, or IVA.
If you are looking into declairing yourself bankrupt, wait until you have found out about all the alternatives.
Too many people declare bankrupt without looking deep enough into the consequences or the alternatives.
With serious debts mounting up all over the UK, many people are looking into how to declare bankruptcy. But there are alternatives.
Serious personal debt has become a big problem in the UK, so many people are asking the question, how do I declare myself bankrupt?
Submitted on 25th October 2006 by
Debt advice organisation The Debt Counsellors has produced the IVA Report, which can help young people in serious debt or facing insolvency.
Submitted on 24th October 2006 by
Debt help experts The Debt Counsellors are urging women considering bankruptcy to read the IVA Report.
Submitted on 23rd October 2006 by
The IVA Report has been produced by The Debt Counsellors to help people in serious debt avoid bankruptcy.
Submitted on 18th October 2006 by
A leading figure in the financial industry has highlighted the Enterprise Act as a cause of rising bankruptcy levels in the UK.
Submitted on 12th October 2006 by
One person is falling into bankruptcy every minute of the working day, according to the latest figures.
Serious debts are a problem for many people in the UK but too often their answer is to declare bankruptcy without looking into the consequences or the alternatives.
Insolvency practitioners are key to the process of dealing with serious debt through the Individual Voluntary Arrangement, or IVA.
Bankruptcy is rising all the time as personal debt becomes a real problem in the UK. If you are suffering with huge debts, you might be looking into how to declare yourself bankrupt.
With levels of personal debt rising all the time in the UK, an increasing number of people are looking to find out how to file for bankruptcy before looking into the serious financial implications.
With personal debt through the roof in the UK, many people are opting for voluntary bankruptcy without finding out enough about the pitfalls or the alternatives.
As the UK's personal debt problem grows, bankruptcy is rising to record levels. You can get free, confidential advice on bankruptcy through The Debt Counsellors.
Submitted on 3rd October 2006 by
Recent figures show that bankruptcy is rising sharply and the UK has the worst personal debt in Western Europe.
Declaring yourself bankrupt? Get free professional advice first...
Get free professional advice before filing for bankruptcy...
Submitted on 14th May 2006 by
According to the latest figures from the Insolvency Service, there were 23,351 individual insolvencies in England and Wales in the first quarter of 2006. That represents a 12.9% rise on the previous quarter and a 73.4% increase on the first quarter of 2005.
The Debt Counsellors UK insolvency service offers insolvency advice and help for those facing bankruptcy.
Bankruptcy is serious. Don't be misled by media reports that it is an easy way out of your problems.
Avoid personal bankruptcy when you can't pay your bills.
Emma's story - part one "I was in a state of real turmoil when my husband left me and our two kids.
Bankruptcy occurs when someone has debts they can no longer pay, i.e. when someone becomes insolvent.
After a bankruptcy petition has been issued, the application will be advertised in the press.
Personal bankruptcies are on the rise...
Under bankruptcy law, present and future assets are at risk in bankruptcy because they can be seized and sold off to pay off creditors.
An informal arrangement is just what it sounds like – a non-legally binding debt repayment agreement with your creditors that isn’t administered through the court.
An Individual Voluntary Arrangement, or IVA, is a legal procedure for those residing in the United Kingdom with debts of at least £15,000.
“I didn’t like the sound of bankruptcy and when I looked into the details of what it involved, I liked it even less."
Bankruptcy is not something that should be seen as a solution to your debt problems. Bankruptcy should be avoided if at all possible as the personal loss of assets and financial penalties far outweigh the relief of debt.
"After looking at all the options with the debt counsellor, I decided an IVA was right for me."
To find out more about IVAs and for free, confidential advice on bankrutpcy and debt problems, call the Debt Counsellors on 0800 018 6082.
Declaring bankruptcy is one of the most serious decisions you can take.
Personal bankruptcy in the UK occurs when individuals can no longer manage their debt.
You want to avoid bankruptcy...
What about bankruptcy? As a company that always has our clients interests at heart, we at The Debt Counsellors will NOT recommend bankruptcy as a viable solution to serious debt problems if there is an alternative solution.
If you have serious debts and are unable to pay your bills, you can get bankruptcy debt advice from The Debt Counsellors.
Personal insolvency and bankruptcy are growing problems in the UK.
