How Bankruptcy Affects You
Although bankruptcy is generally a fresh start and a new beginning, it’s not like this for everyone.
Some people become unduly concerned and the best thing is for us to explain the basic elements of the bankruptcy process.
There are a lot of fundamental reasons for this but our job is to make sure that you have all the information you need to make the right decisions for you.
And very importantly, to understand the implications to certain thought process people have when considering bankruptcy and how bankruptcy affects you, if you make the wrong move or you don’t look properly into it when you are applying for it then it could have disastrous consequences.
So thats why we exist and love doing the job we provide for people because we are able to use our expert experience and many years of experience to provide our clients and people that contact us seeking help and support.
Bankruptcy can affect people in different ways.
No two examples are the same although there are similarities where people experience the same feelings and receive the same standard letters from the Insolvency Service and the Trustees that they appoint which are essentially debt collectors for The Insolvency Service.
You can generalise on the effects of an average bankruptcy on an individual.
We view bankruptcy as a fresh start, something which is echoed in the Insolvency Services’ Technical Manual. That’s right, it actually states that the bankrupt has the right to a fresh start. In those cases where individuals feel they have been treated harshly, we have actually managed to reverse decisions, citing the relevant chapter.
Even then, people have the right to lodge complaints to a Regional Authority and even to a Judge, by way of an Application Notice. However, in most cases, there is hardly any reason to complain as people are treated fairly and they just get on with their lives, minus the debt. The main thing is to accept that sometimes things happen which are beyond our control, but it is how we handle and manage these events that truly makes the difference.