Going bankrupt is one option for clearing your debts and making a fresh start, but it can have serious consequences. Therefore, bankruptcy should only be considered as a last resort, once all other options have been explored and exhausted.
Contact the experts at HJS Recovery today for a confidential discussion about your situation and whether bankruptcy is the best option for you.
In bankruptcy, an appointed Trustee will take control of all your assets. The Trustee has a duty to realise them and use the funds to pay your creditors.
In bankruptcy you are allowed to keep essentials for living and tools of your trade. However, any valuable cars, furniture and jewellery will all be sold. If there is equity in your property, then this will also be realised.
Your bank accounts may be closed and your credit cards stopped. There are restrictions placed on you, which may affect the type of work you can do and you will be unable to act as a company director during bankruptcy. The Trustee may also seek a contribution from your income if you are in regular employment.
It really depends on your individual circumstances, which is why it’s important to seek professional advice as soon as your debts start to become unmanageable. The sooner your seek advice the likely more options will be available to you, such as debt consolidation, individual voluntary arrangements, or informal arrangements.
The decision to declare bankruptcy shouldn’t be taken lightly, and FREE expert help is just a call away. Get in touch on 0800 0141 130 to fully evaluate if bankruptcy is right for you.
We have a team of advisers who have helped hundreds of businesses around the UK that have faced financial pressures on every scale. You are not alone.