Understanding Bankruptcy

Speak to one of our Personal & Business Bankruptcy specialists today.

Understanding Bankruptcy

Given that we have been providing Bankruptcy help and advice for over 20 years, as well as debt management, money and credit solutions, we have a vast amount of knowledge for helping you to understand your bankrutpcy options. But before we get started, let’s clear a few things up. What is bankruptcy? Is bankruptcy right for you? And what are the alternatives to bankruptcy?

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What is Bankruptcy?

Bankruptcy occurs when a business or individual cannot repay the debts owed to creditors. You can make yourself bankrupt, or be forced into it by one of your creditors.

Bankruptcy essentially enables you to write off all (or most of) your debts. It can also ensure that creditors can’t take further action against you, giving you a fresh start, and another chance to get things right.

Is Bankruptcy Right For Me?

If you’re considering personal bankruptcy, firstly ask yourself, is there any other viable way that you can pay your debts? Do you have assets of value? Equity in your home that you can use to pay?

Bankruptcy should only be considered if you have no positive assets, as it’s unlikely that your situation will improve. Bankruptcy is seen as the fastest way out of debt. Every person has their own unique reasons for looking at personal bankruptcy. It should be looked at as a strategy and will need to  be acted on quickly in some instances.

What Are The Alternatives To Bankruptcy

Please note that choosing to become bankrupt is a big decision. There are a number of alternative options, such as debt consolidations loans, debt management plans and voluntary arrangements (IVA) to name a few. Individualised to each and every person or business owner. Speak to one of our specialists today to talk through your financial situation

"Sean is a can do man, nothing phases him. He is incredibly cleaver, hardworking and always has a positive attitude. He has a hands on approach and the ability to think outside the box."
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