If you are facing serious debt then you need to get as much bankruptcy advice as possible. This can be an extreme way to end debt but for some people it could provide a solution to their problems. Bankruptcy will not magically make debt go away but it can provide a way out for people who have got into serious and damaging debt.
You need to ensure you understand the full implications of what it means to go bankrupt before you take this route. By getting the right bankruptcy advice you can examine all of your options and ensure this is the right path out of debt for you. It is important to remember just how serious bankruptcy can be before you consider this as an ‘easy way out’.
· Bankruptcy can last anywhere from one to three years.
· During this time you may be ordered by the courts to cover a monthly repayment to your creditors.
· This amount will be carefully considered so that it is affordable to you.
· Failure to meet these repayments can be serious so you do need to make these your first priority after your household bills and basic living costs.
· You may also be ordered to hand over any assets you have to go towards paying off your debts. This could include your household contents, car and any property you may own.
· At the end of a bankruptcy period the majority of your debts will be discharged.
· However this will remain on your records for a long time and could affect your borrowing and even your employment prospects into the future.
· For example the Police Force, Local Council, Armed Forces and many civil service offices may not consider applicants with a history of serious debt and bankruptcy.
· Get as much bankruptcy advice as you need before you plan the best ways for you to deal with your debt situation.
As you can see serious debt can be a challenging issue to resolve and can leave lasting implications on your life. It is essential you get all the expert bankruptcy advice you need to ensure you are making the right decisions for your circumstances.
Expert bankruptcy advice can help to guide you when finding your way out of serious debt. Getting the right advice can be key to resolving financial issues and moving forward into the future.