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Bankruptcy Advantages

Bankruptcy is never pleasant, no matter what your individual circumstances are but here are a few of the main advantages;

After 12 months your bankruptcy order will be lifted and your outstanding unsecured debts written off
Once your bankruptcy order is in place, your creditors are legally obliged not to contact you again
You will still be allowed to keep household and personal items, nobody will visit your home to take all your possessions away

Details of your bankruptcy will be made available in the public domain
You could lose your house and job as many professions don't permit bankrupts
You will typically have to pay an agreed monthly amount for 3 years, known as an Income Payment Order
Your credit file will contain details of your bankruptcy for 6 years
During the 12 months of your bankruptcy order there are a number of restrictions placed on you such as not being able to act as a company director or take out a mortgage

If you're worrying about the threat of bankruptcy, contact us now to discuss your options confidentially and take some of the weight off your mind.