Bankruptcy is a way of legally declaring your inability to pay your creditors. In Bankruptcy you usually stop paying your creditors. Your creditors cannot chase you for the outstanding debt.
If you feel your debts are completely unmanageable Bankruptcy could be your best option. Before going bankrupt it is important that you understand all the options available to you. Bankruptcy can have a serious impact on your future and even your job so it is important to get the right advice and information.
There are two ways to go Bankrupt in the UK.
1. You can petition for your own bankruptcy which is known as a 'debtors petition'.
2. A creditor who you owe more than £5,000 to, can petition for your bankruptcy. This is known as a 'creditors petition'.
Bankruptcy is an option that often has to be considered when an individual cannot pay their debts as they fall due.
When your debts seem totally out of control, so much so that you will never pay them off, bankruptcy can take away all the stress of making debt payments.
Although bankruptcy has a perceived stigma and is publicly advertised, it should always be considered when dealing with insolvency matters.
It can provide a real fresh start for debts that will never be repaid.
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Please note: From time to time we may refer you to other services providers or charities such as the CAB.
You can get free debt advice from the Money Advice Service – an organisation set up by the Government to offer free and impartial advice to those in debt. Click here for more information.
Star rating : 5/5
Before things got out of hand I decided after reading other reviews to contact National Debt Relief for advice. An extremely helpful team discussed my options and explained how things would work. I was starting to get numerous calls and letters from creditors looking for full repayments on my loans but given the nature of the pay cut I received this was no longer possible.
After I contacted National Debt Relief and agreed a payment plan to repay my loans in a restructured way my life changed. No more calls, texts or letters from creditors demanding money. And that was all down to the negotiation skills of the team of fantastic staff at NDR. I'm forever grateful .. So if ur in the same situation, I would advise that you pick up the phone and take the first steps.
Written on 18/04/2013,
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