If you are interested in receiving bankruptcy advice in the UK, make certain to get in touch with our team today using the contact form provided and we will get back to you as soon as possible.
Going bankrupt can be scary. But with the help of our team we can offer the very best assistance to ensure you receive the best advice and make the situation a lot easier.
When declaring bankruptcy it is a good idea to get an opinion from a professional. For more information, please contact our team.
We provide the very best bankruptcy advice and can provide expert details on debt solutions.
Having substantial amounts of debt can seem like a long tunnel with no light at the end. However, there will always be a solution as long as you get the right kind of advice.
If your debts have reached the point where you can no longer realistically pay them and your fees and charges are outweighing your payments, then perhaps you need some advice.
This solution must only be considered as a last resort as there are serious implications that come with it. Having said that, it is a great way to substantially clear your mind of worry and massively reduce your debts. Read on for more bankruptcy advice or get in touch for a more personal response.
Let’s start with the obvious question; what is bankruptcy? It is a form of insolvency. This means that you are no longer in a position to pay the debts that you have and need help from the courts to sort of your finances. In Scotland, the process is known as sequestration - https://www.finance-near-me.co.uk/debt/sequestration/.
There are a few different forms, but the type that is applied for most often involves all the interest, fees and charges being frozen for a year. After the year has expired all the debts that were included in the process will be written off, including the charges, fees and interest.
Our local team can offer bankruptcy advice nearby you and in surrounding areas to get a solution closest to your needs. If you are interested in our help, please complete the contact form provided.
Now that you have a basic idea, let’s go into how bankruptcies work. The process can only be done online. You can do this yourself or you can use a debt management expert to do it for you.
Before you enter into this it is strongly recommended that you take advice from a debt management expert first. This is because of the negatives attached to it that you must be made aware of.
This often happens when businesses take out loans https://www.finance-near-me.co.uk/loans/business/ however it can happen to individuals too.
Going bankrupt gives you the potential to be free of debt in twelve months but there are some negatives that you will seriously need to consider before going ahead;
There are various types of bankruptcies, including:
Bearing in mind the considerable drawbacks, you may be wondering is bankruptcy the best option for me? This is not easy to answer because everyone’s financial situation is different, so what may be best for one person may not be suitable for the next person.
You should seek advice from a debt management specialist if you are considering this. They will have the expertise to decide if it is the best option for you.
Declaring yourself as bankrupt may be the best decision you ever make. Regardless of whether you become debt-free or still have to make a contribution to your creditors each month, your outgoings will be slashed.
This can infinitely reduce your stress levels and give you the chance to start again without the burden of crippling debts hanging over you.
Bankruptcy lawyers are the people to speak to if you need advice on any form of insolvency or bankruptcy advice. They have the expertise and the knowledge to steer you in the right direction, and they can also act on your behalf should you wish them to.
There are other options too, including arrangement schemes https://www.finance-near-me.co.uk/debt/arrangement-scheme/ and more.
We can recommend excellent lawyers who will treat your case with the attention and respect it deserves. Just complete our contact form for more information.
Once it has been confirmed by the courts then your name will be placed onto the register. Also known as the Individual Insolvency Register, this information will be available to the public for the duration of the insolvency. The details are usually removed three months after the bankruptcy has been concluded.
This means that members of the public can find out your financial situation should they wish to find out. The chances of this happening are slim but if this bothers you then it’s something to else to seriously consider when thinking about this as a debt management solution.
Contact us if we can be of assistance with any kind of bankruptcy advice and recommendations for lawyers or help when becoming bankrupt. Our team can give you expert advice on all of the above and more and are confident they can provide you with the very best debt management care.