Bankrupcy

Bankrupcy is something that should not be considered lightly.  You can file for bankrupcy yourself or a creditor may make you bankrupt.

A bankrupcy will normally only last 12 months but in some circumstances you may be asked to make payments for three years.  This is in the case where you have surplus monthly income or assets of value.

Bankrupcy often relieves the anxiety and stress that you have been feeling in the run up to making the decision.  It allows you to make a fresh start normally in a years time.

Your credit rating will be effected and you will find it very difficult to borrow money for upto six years.

Some types of employment such as accountants and solicitors maybe unable to continue in there jobs should they be declared bankrupt.

Details of your bankrupcy will be published in the London Gazette, and your business maybe closed down.

If you have no assets your debt will be written off.  Bankrupcy therefore maybe a good option if you rent your home and have little or no assets.

It is of vital importance that you seek specialist advice as everyone’s circumstances are different and there are many different solutions that constantly surprise clients of Credit Hero.

For more information please complete the form below or telephone free on 0800 612 4136.