Declare Bankrupt
If you are thinking about decalring yourself bankrupt then you need to consider your situation very carefully.
Individuals who declare bankrupt can solve their debt problems but there are severe consequences as well.
If you are going to declare bankrupt then you need to speak to a professional financial advisor who can advise on the best course of action. Often bankruptcy may not be the best way to get out of your stressful debt situation and an IVA or debt management may be more suited.
The aim of bankruptcy is to give the individual a fresh start by repaying the creditor what they can afford and wiping off their remaining debts. The advantages to declaring bankrupt are that it protects you from any further legal action from creditors and the debt that you can't afford gets written off. However, there are disadvantages such as having your bankruptcy published in local newspapers, not being able to work in certain jobs after you declare bankrupt and having a negative effect on your credit rating for 6 years.
If you are thinking about declaring yourself bankrupt, feel free to call our friendly professional debt advisors on 0800 228 9 228. They will be able to assess your situation and guide you as to whether bankruptcy is the best option for you.
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