{"id":3626,"date":"2014-01-23T16:52:29","date_gmt":"2014-01-23T16:52:29","guid":{"rendered":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/?p=3626"},"modified":"2020-10-19T16:38:32","modified_gmt":"2020-10-19T15:38:32","slug":"need-bankruptcy-advice","status":"publish","type":"post","link":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/need-bankruptcy-advice\/","title":{"rendered":"Need Bankruptcy Advice"},"content":{"rendered":"\n

If your debt situation has become unmanageable to the point where bankruptcy<\/strong> may be possible, it\u2019s imperative that you get solid advice. Even if you cannot meet your debt payments anymore, this does not necessarily mean that you will definitely have to go bankrupt<\/a>, as there are other possible consequences that are much less serious.<\/p>\n\n\n\n\n\n\n\n

Expert advice<\/h2>\n\n\n\n

Speaking to debt experts such as Insolvency Practitioners<\/strong>\n is the best way to work out what your options are going to be. The \nsooner you get good advice the more chance there is that you will in \nfact manage to avoid such consequences as bankruptcy.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Other Options<\/h2>\n\n\n\n

Debts that are out of control may make your options seem extremely \nlimited, but there are a number of things that may alleviate your \nsituation while keeping you solvent. Releasing equity from or selling \nassets are just a couple of the possibilities, and there are many debt management processes<\/strong> that may get your debts under control, such as consolidation.<\/p>\n\n\n\n

There are also services all over the UK who can help to mediate \nbetween you and your creditors in order to arrive at an arrangement that\n you can actually manage. The first thing you need to do is speak to \nprofessionals who can take a look at your overall finances and work out \nwhat options are actually applicable to you.<\/p>\n\n\n\n

Measures<\/h2>\n\n\n\n

If you do indeed find that your debts payments are simply not going \nto be possible, you need to speak to an Insolvency Practitioner. This \ndoes not inevitably imply bankruptcy though, as measures such as \nIndividual Voluntary Agreements can be hugely helpful in these \ncircumstances.<\/p>\n\n\n\n

IVA<\/h2>\n\n\n\n

An Insolvency Practitioner will first get an overview of your income,\n outgoings, assets and of course debts. This will allow them to best \nadvise you about what moves to make next. If you do decide to go for an \nIVA, for your unsecured debts, the IP will help you to put forward a \nproposal to your creditors. If it is accepted, you will be able to work \ntowards clearing your debts and protecting yourself from legal action \nwithout having to go down the route of bankruptcy.<\/p>\n\n\n\n

The legal implications of bankruptcy and unmanageable debt have to be\n handled by professionals who are specially licensed. If you do end up \ngoing bankrupt your case will be dealt with through the courts, \nincluding managing your assets if you have any. In any case, an \nInsolvency Practitioner will be able to not only handle the formal \nadministrative procedures involved; they will also be able to give you \nreliable guidance about how to proceed.<\/p>\n\n\n\n

Don\u2019t wait<\/h2>\n\n\n\n

You should never assume that you will definitely end up becoming \nbankrupt because you can no longer meet your credit agreements. Always \nget the advice of an expert before making any decisions, and do it \nsooner rather than later, to give yourself the best possible chance at \nsorting things out. If it is the case that you become bankrupt, getting \nthe right advice will be doubly important, as you will likely face some \ntough choices.<\/p>\n","protected":false},"excerpt":{"rendered":"

If your debt situation has become unmanageable to the point where bankruptcy may be possible, it\u2019s imperative that you get solid advice. <\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","footnotes":""},"categories":[2],"tags":[],"class_list":["post-3626","post","type-post","status-publish","format-standard","hentry","category-bankruptcy-articles"],"_links":{"self":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/3626","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/comments?post=3626"}],"version-history":[{"count":2,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/3626\/revisions"}],"predecessor-version":[{"id":13526,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/3626\/revisions\/13526"}],"wp:attachment":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/media?parent=3626"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/categories?post=3626"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/tags?post=3626"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}