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Bankruptcy is a debt solution that you can use if you have a high level of unsecured creditor debt, that you do not envisage being able to repay. The process consists of all of your highest valued assets, stocks and shares being repossessed and sold-off over a 12 month period, in order to contribute toward the partial or full repayment of your debt. After the one year ‘bankruptcy’ period comes to an end, all of your unsecured debt will be written off, irrespective of whether you cleared the full balance, though you might be required to pay small amounts from your income in the three years that follow if your finances improve. You will have to pay a £750 fee when declaring bankruptcy or being made bankrupt, some of which goes to the court, and the rest as a handling fee to a nominee in order to facilitate your acquisition of a bankruptcy order. Bankruptcy usually benefits those with a high level of debt, who do not own a lot of assets, as people such as these stand to have their debt written off, without having to part with any valuable things they own.
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Bankruptcy can be a quick solution to tackle your debt, and whilst it is not suited to everyoneit can nevertheless prevent you from spending years of your life trying to clear your debt.
Once your bankruptcy period begins, the amount you owe will remain fixed, meaning that your creditors should be unable to raise your debt levels any further through late and interest charges.
Once your bankruptcy is accepted, you will usually be given protection from any further legal action being taken against you, which can alleviate some of the stress you may have been experiencing from frequent court threats.
Bankruptcy usually necessitates an upfront payment of £700 in order to start the process, after which you will sell off your expensive assets for just 12 months and have all your debt written off after. Considering most people are insolvent when considering the procedure, it can be hugely cost effective.
After your bankruptcy period comes to an end, all of your unsecured debt included within the arrangement will be written off, so you can pursue your future aims without the cloud of debt hanging over your head.
We have a staunch company policy of providing high quality customer service, and as such will always be just a phone call away throughout the course of your debt solution if you ever require any help or advice.
All of our members of staff have worked in the finance industry for a number of years now, and as such will analyse your financial situation closely and produce a number of custom debt solutions that reflect your circumstances the best.
If you complete your debt solution successfully, we will retain contact with you in order to make sure that you are carrying on your upward trajectory with your money management.
Once you seek our help, we will take over all interaction with your creditor’s and will work hard to ensure that they cannot harass you by letter, email or telephone anymore, so you can concentrate on tackling your debt.
We’ll handle interaction with all of your unsecured creditors on your behalf and negotiate with them in order to try and attain the best possible revised repayment arrangement for your debt. Furthermore, our altruistic financial advisors will serve as the sole point of contact between yourself and your creditors throughout the creation, implementation and course of your chosen debt solution in order to protect you from the harassment often exhibited by aggressive creditors. Contact us today and start the process of tackling your debt problems head on today.
Firstly, place all your details into our form, including information about your outstanding debts, assets and finances. We’ll then despatch a few forms to your home that you will be required to fill in, and after you have handed them back to us, we will send them out to your local county court and start the process of lobbying for your bankruptcy. You’ll be required to pay £750 in order to embark on the procedure, and providing you can afford this, your bankruptcy order will be decreed and an Official Receiver will value your home, and sell of your expensive assets over a 12 month period. On completion of the ‘bankruptcy year’, all your unsecured creditor debts included within the arrangement will be written off, though you may be required to make small contributions for the two years after, if your salary picks up.
Bankruptcy might be suitable for you if you are someone who has a large amount of unsecured debt that you are defaulting on, but do not have a home or any particularly expensive assets under your ownership. If you fall into this category, then you can use bankruptcy to write off your debt within a year, and then move forward in your life without having to be weighed down with the strain of debt repayments constantly on your mind. You also stand to gain protection from further legal action against you, and could have current proceedings being leveled at you by creditors brought to an end, with the amicable resolution of your debt issues through bankruptcy. Moreover, by using our service, we can deal with your creditors on your behalf, so that they stop contacting you via post, email and phone every day asking for repayment.
However, if you have a family, own an expensive home and a number of assets and stocks, then bankruptcy may not be the best suited solution to your problems; even though with certain levels of debt it may be the only viable option. If you fall into this category, then you stand to lose a lot in order to clear your debt, and you will have to ask yourself whether bringing about such instability within a year of your life warrants being able to clear your debt. Moreover, you will be unable to access any meaningful amount of credit for up to 7 years if you undergo bankruptcy, so you will have to keep this in mind if you have genuine business aspirations at present.
Our bankruptcy team have managed a multitude of cases across the UK and fully believe they can assist you with your difficulties at present. For more bankruptcy advice, or answers to any questions you may have, contact us now and we’ll ensure that we process our response as soon as possible, so we can collectively embark on the journey of battling and beating your debt.