CLEAR YOUR DEBTS AND MAKE A FRESH START
- Seek Relief from all your debts
- No more Unsecured debts
- Advice from the Expert
- Step 1
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- Step 4
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Bankruptcy Services UK
Bankruptcy is a kind of insolvency. In bankruptcy, the debts are written off if the debtor cannot afford to pay for them. It gives one a fresh start. Bankruptcy essentially is a legal process. It is suitable if the debtor has a little chance of paying for his debts in a stipulated amount of time.
Upon making himself bankrupt, nearly all of a debtor’s unsecured debts are written off. There are cases wherein one’s creditors choose to make an individual bankrupt. Bankruptcy nevertheless has some serious implications. It shouldn’t be taken lightly.
A few of the financial institutions work with debtors to consider if bankruptcy is the right solution for them. They also consider a range of other solutions that may be suitable for a debtor’s circumstances.
Frequently Asked Question
Pros of Bankruptcy
- Bankruptcy gives you a new start and your all unsecured debt would be written off.
- In that case, creditors can’t take any legal action against you to recover your debts.
- Creditors stop asking any payment, interest or any other charge.
- Creditors have no connection with you in the future.
Cons of Bankruptcy
Bankruptcy includes assets like your home or vehicle under this.
Bankruptcy even affects some jobs like financial roles or any legal work.
Bankruptcy has a bad impression on your credit file which remains for around six years.
Bankruptcy will be documented on a public register.
Bankruptcy / Debt Management
There are few things you need to keep in mind that if you want to become bankrupt, there are so many aspects to take into consideration. You have to understand the consequences for better understanding please find some difference between bankruptcy and Debt management.
Debt Management Plan
|1. Legal protection from creditor action||1. Creditors can still take legal action|
|2. Assets can be sold off||2. Home is less protected|
|3. Interests are not frozen||3. Interest and charges are not guaranteed to be frozen|
|4. Debts are written off after being declared bankruptcy||4. DMP will not write-off any unaffordable debt|
|5. It takes 1 year||5. It take many more years|
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