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What is bankruptcy?

When you are overwhelmed by debt and want nothing more than a fresh financial start, bankruptcy is one route, though not the only one, to achieving a debt free life.

But what is bankruptcy?

If you reach a point where you simply cannot meet your debts as they become payable, you can be made bankrupt either voluntarily or by those you owe money to, your creditors. By making yourself bankrupt, you are declaring that you cannot repay your debts “as and when they fall due” and the responsibility for those debts will be handed to a Trustee.

Once a bankruptcy order has been made against you, your creditors cannot come after you for the money you owe. Your Trustee is then responsible for payment.

Bankruptcy is one solution when you want to get out of debt. Going bankrupt can restore the peace of mind that indebtedness takes away and give you the opportunity to start afresh. With many bankruptcies discharged within 12 months it can seem an attractive option, though its effects can last a lot longer than a year.

However Bankruptcy is also a solution with many implications for your financial future and one that makes your financial problems very public - all bankruptcies are advertised in the local press.

Debt may be a growing problem in the modern world, but bankruptcy still carries a stigma.

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