The B Word: You Can Consider Bankruptcy
Over the next two weeks, we will be detailing the concerns and consequences of personal bankruptcy. The first two articles will detail with the legal financial consequences, plus detail of the practitioner involved.
We will conclude the brief series with some experiences of clients and how they have moved on with their lives in the main. It is essential to remember that bankruptcy laws and processes are there for two reasons:
- For a creditor to recover due money. This is only worthwhile if they know the debtor has assets.
- For Debtors to relieve the pressure of debt and in a way, protect themselves.
When considering the approach to any debt issue – Bankruptcy is the ultimate sanction and needs to be considered. If this is ignored and not investigated and considered thoroughly then your advisor is failing in their duty to you.
There are more myths, lies and ‘bar room advices’ around Bankruptcy than any other demand of our work. The fear stigma is usually exaggerated in today’s world.
Next week we will look at ‘Why would I petition for my own Bankruptcy?’
If you want definitive advice for you, your friends or family, call Bell & Company. Each case is different which our experts work closely on defining a tailored strategy. So, to receive pragmatic advice, specific to your situation call us on 02895217373.
Alternatively, have a look at our Insolvency Services where you can read more on our Bankruptcy services.