Bankruptcy and it’s benefits

Bankruptcy and its benefits

Bankruptcy and it’s benefits 

Bankruptcy is a recognised method for individuals to liquidate debts that would otherwise be impossible to repay; it releases people from overwhelming debt and allows them to restart their lives. Bankruptcy is a civil process, much like a divorce or rent dispute and does not involve standing before a Judge in open court. There are many misconceptions about bankruptcy, but the following points should put your mind at rest about this underrated debt solution:

  • Bankruptcy is a civil process, much the same as a rent dispute or a divorce
  • At no stage of the process does anybody visit your home
  • You do not lose any household furniture or personal items in bankruptcy
  • You rarely see a Judge on the day you go to court.
  • Even if you did see a Judge, it would be brief and in the privacy of an office
  • Your name no longer appears in local newspapers
  • The Courts treat you fairly and have no interest in making money out of you (unlike IVAs which, although court sanctioned, are administered by private companies)
  • In most cases, there are no monthly payments to be made
  • You are allowed to keep vehicles within reason (£1500.00) is the current threshold)
  • You are allowed to have a bank account like everyone else in bankruptcy

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