Bankruptcy Guidance The UK’s Leading Bankruptcy Guidance Provider

No matter how complicated your circumstances might be, we offer bankruptcy guidance to all those people living in England and Wales. Our first order of business in every case is to determine whether bankruptcy is the right option for your particular circumstances. We will talk you through all the various alternatives and provide you with enough information to make an informed decision. Unlike many of our competitors, we will definitely not suggest bankruptcy where, for example, a Debt Relief Order might be more appropriate. When is bankruptcy the right choice? Typically when you have debts exceeding £20,000, you are on an average income and have few assets or no equity in your home. Regarding the latter, your home will not be affected if there is no equity, provided you maintain mortgage payments. If you wish to include the property in the bankruptcy, you might have already stopped paying the mortgage, but call us for more information. Bankruptcy Advice When is bankruptcy NOT right for you? Bankruptcy might not be appropriate if you have less than £20,000 unsecured debt and you meet the criteria of a Debt Relief Order. It might also not be appropriate for those persons in professions that are directly affected by bankruptcy i.e. Solicitors, Accountants, Financial Advisers, Mortgage Brokers, as bankruptcy might bar you from professional membership. It might also not be appropriate if you think your circumstances might change in the near future e.g. if you’re going to inherit some money or a property. Another question you need to ask is ‘can I afford it?’ as petitioning for bankruptcy now costs £680. If you own a property with equity it might be sold to free up money to pay your creditors. Bankruptcy will have a negative impact on your credit rating which would make running a business, getting a mortgage or a credit card difficult in the short term. petition to file for bankruptcy The alternatives to bankruptcy are: • Administration order – this may be suitable if the total of your unsecured debts is less than £5000 and you have a county court judgment for debt. • Debt relief order – this may be appropriate if your debts total less than £20,000, you have less than £50 a month available to pay your creditors, and any belongings you own (apart from basic household goods and a vehicle worth less than £1000) are not worth more than £300 in total • Individual Voluntary Arrangement – this might be an option for those who have significant assets or want to continue practicing as a Director, Solicitor or Accountant. The Good news is that there is help at the end. Talk to us to find out more. Feel free to call us on ☎ 01425 600129 for a chat about your circumstances.    

Bankruptcy UK-Debt Solution Bankruptcy Experts

Bankruptcy UK-Debt Solution Bankruptcy Experts

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