I was under a very large debt and my family was also suffering because of me. I had no idea where to go. Then suddenly one day I was going serving net and saw many companies which had Bankruptcy advice experts. I contacted them and book appointment. They helped me too much and because of their help I could come out of my debt.
How do these companies work?
If you are bankrupt and your creditor will write off your unsecured debts. This will surely help you to make you new start. Normally in UK personal bankruptcy lasts for only for a year. But there is allegation in this process that you can’t borrow ant loan while this process is going on. There is also a possibility that you may to sell your valuable things that you may need in your day to day life.
Did it affect my spouse?
Yes it did affect my life partner. He was totally changes due to it. These situations may not directly affect your partner but then yes slowly you may notice a slight change in him/her. It will surely affect your partner when you have a joint debt. If you are having a credit card which has both the names then there is a possibility that you may partner might also being affected very much.
By speaking to a professional advisor you can help yourself. They will surely guide you with proper bankruptcy advice. But the most important thing you should take care is that whether bankruptcy is a good option for you or not. If you think that it is right option for you then you should go in search for some good advisor that can guide you very well. There are many specialized advisor that will guide you the best option for you.
At some situation bankruptcy may be the best solution for relieving from the financial pain.
It is a court order that can be applied if in the case you are in debt. Once you have been bankrupted you need not have deal with the people from whom you had taken or to whom you had given finance. An official receiver will take control of your finance and assets until your bankruptcy are finished
Once I was bankrupted and one of the person came to me to return back my credit at he was told my legal adviser that up to a period of 12months that is until his bankruptcy is discharged I am unable to obtain any credits.
As per my Bankruptcy knowledge, what I had thought It may take nearly 4-6 months to complete and excuse myself from all debts then I was told by lawyer that this is not a simple process and your problems will not be solved so easily and bankruptcy filing will have a stubborn scar on my credit reports up to 7-10 years and it will be having impact to obtain credits in future as it becomes a public record. I was shocked after listening.
Bankruptcy can help you to get rid of debt problems. Me and my family were totally under debt. Bankruptcy helped us very much. Otherwise it would have taken years but with the help of bankruptcy we were able to clear our debt. I agree that there are very implications with it which has to be followed very carefully.
1. Benefits of bankruptcy advice
2. It was one of the quickest way to give a way to start a new thing
3. All of my debt which was unsecured was written off properly.
4. I was not receiving any contact from my creditor.
Things I considered
1. I had a house and car, I considered that my asset. People you have any asset like land or property that can also be considered in their bankruptcy.
2. There were also implications on my job. For example I was not able to work as a director in my company. This may happen sometime. You should not get panic.
3. Yes it was very difficult for me because it was always on my credit. The period is of almost 6 years.
Is it suitable?
Bankruptcy is a form of insolvency. So it is mandatory that your unsecured debt has to be greater than your assets. It can be your car, property, vehicles all these can be considered. And unsecured debts are your credit cards, store cards and personal loans. This is very big step of your life so have to make sure that it is suitable for you or not. For me it was very good. I hope it goes good for as well.
The fee of bankruptcy depends from place to place. In England the fee is euro 700 onwards. There is a low that the fee paid to the court can be collected back.
So you should definitely take advice before you choose it as your debt management plan. There are many specialized advisors which can help you. I took help from a website which provided me with the best and excellent advisor. There is a possibility that bankruptcy may not be the best option for you but you can take a chance. But it can be the best option to clear all your debt problems. There are many companies and websites which can provide you with the best advices and options. There are number of specialized bankruptcy advisors which can help you at a great level.
There are many bankruptcy advisory centers which can help you with debt problems. Like many people I was one of those who were burdened under a big debt. Bankruptcy was the only way through which I could overcome my problems. There are many clients which are informative and interesting too. There are many advisors which give bankruptcy advice on bankruptcy very well and help their clients very much. If you wish you gain some knowledge about this you can easily contact them.
How it affected me?
It affected me in many aspects. Like assets, income, relations and ongoing commitments.
1. Assets- bankruptcy affected my assets too much. The creditor has the full right to sell the assets. Fortunately I was able to make monthly payments so my assets were not sold but there are some goods which are not included in these assets.
2. Income- the creditor has full right to look over the income. My creditor had full records of my income. He knew where I use to spend my income that is my rent, daily expenses and many more.
3. Ongoing commitments- in this situation also there were many commitments which I had look over like rent, daily expenses and debt incurred.
4. Relations- relations were also affected due to it especially my partner was affected the most.
Bankruptcy is a technique which can help you in getting rid of all your debt problems. I was totally under debt. My family more worried than me. With the help of bankruptcy I could overcome else I would have died. It would have taken years if I would have opted for any other option. It was bankruptcy through which I was able to clear my debt crises. It is one of the quickest through which you can give a new start to your life. And if you are facing bankruptcy you defiantly need some expert bankruptcy advice.
Things which I considered
Things which I considered were-
1. My car, my property, and my fields all these things were included in my assets. My house was also included in my bankruptcy.
2. There were also many implications imposed in my job. I was not able to act as my company’s director.
3. It was also very difficult on credit as the creditor keeps a watch that where I spend all my money. This period was about of 6 years.
Was this decision correct for me?
Bankruptcy is totally like IVA (individual voluntary arrangements) and is also a form of insolvency. It is mandatory that your unsecured debt has to be greater than your assets.
How I chose?
1. Bankruptcy was a very big step for me. So it was very difficult for me to decide whether it is a good option for me or not.
2. Specialized bankruptcy advisors- there were advisors who gave me debt help. There were many money saving tips giving by them which helped me maintaining my finance very well.
3. Tailored advice- these advices made me confident that bankruptcy is really a very good and safe option for me.
How I applied?
Applying process was also very difficult for me. The first step was to see whether it is the correct option for me or not. But yes fortunately it was right for me.
After seeing that it was the right option for me, the next step was to get in touch of some advisor who can really help me a lot. The bankruptcy team helped me a lot and supported me at every step.
There is a possibility that there might have been some other options which would have proved more efficient for me but I was fully satisfied with bankruptcy advice. This was very appropriate for me and was able to solve my problems very well.