Debt Help - Talk To A Professional For Free - Banruptcy and Options

Bankruptcy is an option that often has to be considered when an individual cannot pay their debts as they fall due. A first time bankrupt with debts will generally receive their discharge one year after the date of the bankruptcy order (there is the possibility that in some cases the bankruptcy discharge period will be less than one year).

Going bankrupt will help you wipe the debts that you are unable to repay. By going bankrupt you will be able to wipe the majority of your debts. You also gain an element of legal protection as the majority of your creditors will not be able to proceed with any enforcement action against you without permission from the court. Please note the word majority here. It is important to realise that not all debts can be wiped through bankruptcy. Similarly, some of your creditors can still take steps to recover their debts.

Please note that if your are ever faced with the prospect of bankruptcy you should look at alternatives as soon as possible such as the Individual Voluntary Arrangement procedure (IVA).

What are the advantages of bankruptcy?

• For the person involved, bankruptcy provides relative peace of mind and possible automatic discharge after one year (or less in some cases).
• For the creditors, bankruptcy allows a full investigation of the debtor's affairs to be carried out.

What are the implications of bankruptcy?

• Get £500 or more of credit either alone or jointly with any other person without informing the lender of your bankruptcy.
• Carry on business (directly or indirectly) in a different name from that in which you were made bankrupt, without telling all those with whom you do business the name in which you were made bankrupt.
• Be concerned (directly or indirectly) in promoting, forming or managing a limited company, or acting as a company director, without the court's permission, whether formally appointed as a director or not.

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