Since Covid, bankruptcy could be the primary option opposed to Individual Voluntary arrangements or debt management plans that were very popular once upon a time. Individuals and directors of businesses and sole traders now turn to bankruptcy as the fastest way out of debt. The Bounce back loans for small business owners have meant that these monies were taken at a time where the future was uncertain and undefined. They have left many small business owners with debts that they simply cannot repay. For individuals with no assets that are living in rented accommodation or with mortgages where there is negative equity or equity that is not sufficient to repay their debts may be better served with a bankruptcy.
Bankruptcy takes away the unmanageable debt and provides a fresh start. For the self employed it also means that you can be a sole trader throughout the bankruptcy term. Leaving debt behind and having a fresh start allows people to focus on whats important opposed to being in a defensive position, that actually stops and prohibits people from focussing on the future. Being able to focus on the future is exactly where you need to be.
We simplify the process and take away the fear.
The first thing we do is discuss whether this is the right choice based on your current and forthcoming financial position.
It is important for us to know that once the bankruptcy is done that you are focussed on the right aspects. This is the holistic service.
Providing you have the information needed to prepare the petition and you have the fees available we can complete the bankruptcy within 24 hours in some instances.
Feel free to call us for a confidential chat about your circumstances on 01425 600129 and we will talk you through your options.