If you are facing serious debt problems, you might be wondering whether or not you could benefit from bankruptcy as a way of resolving your issues. After all, living in the shadow of unmanageable debt is stressful and can make day to day life hard to bear.
However, such a decision is not to be taken lightly. It has a profound impact on your activities and is only one of a number of possible solutions that you should consider. Indeed, other forms of debt management may be far more appropriate for you.
Here at Cooper Matthews, we provide a range of services and can help you find the ideal debt management plan.
In general, bankruptcy is seen as a last resort for resolving personal insolvency problems and is used when there is little hope that the money can be repaid. In order to proceed, applications must be made at a local county court and, if granted, they result in all debts being removed.
Of course, this comes at a price, and if you succeeded in a bankruptcy application, all your assets would be reviewed and anything of value may be sold. This could include your property and cars valued at more than £1,500. Also, if you could afford to do so, you would have to make payments towards your debt for three years.
Meanwhile, for a period of 12 months, you would not be able to act as a company director.
As you can see, this is not a form of debt management to be taken lightly. To find out more about this, and our business debt services, have a look around our website.