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Bankruptcy

Submitted by Paolo on Wed, 2008-01-02 15:03.

Bankruptcy is a word that scares people into decisive action with their finances, but often it can be too late to repair the damage. Here is useful information and facts regarding bankruptcy.

A bankruptcy occurs when a person simply cannot afford to pay off the debts that they have. This might be a result of one bad financial decision or just a case of all the monthly repayments getting on top of you. 

There are three ways a person can go bankrupt. The first is a voluntary bankruptcy. This is where you take the initiative and get in touch with your local County Court and file for bankruptcy. Often people who have struggled with debt for a long time and see no way out opt to voluntarily enter a bankruptcy. Even though it's not an ideal solution, it can still be a tremendous wait off your shoulders not having to deal with servicing your debt each month.

A creditor can force you into bankruptcy if you owe them a sum of money and show no signs of being able to pay it back. By law, any creditor can attempt to enforce a bankruptcy if you owe more than £750 but it's likely the amount will have to be significantly higher for them to take this serious action.

The final way you can enter bankruptcy is if you're already in an IVA (Individual Voluntary Arrangement) which is the alternative to bankruptcy and can't keep up with repayments. The supervisor of your IVA agreement can then enforce a bankruptcy on you.

Unfortunately, a bankruptcy does come with some dire consequences. For instance, you lose all control of your assets meaning you could lose your house, your car or any other valuable possessions. These items are then auctioned off to pay your creditors a portion of the money they're owed.

A bankruptcy can be heartbreaking or lifesaving depending on your circumstances. The alternative to a bankruptcy is an IVA and we have much more information on both arrangements right here. We can also divert you to other useful services and towards the help of skilled professionals.

 

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