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Debt Relief – Insolvency – Bankruptcy Information » Uncategorized » Bankruptcy Help In Manchester, Oldham, Burnley And Rochdale

Bankruptcy Help In Manchester, Oldham, Burnley And Rochdale

Bankruptcy is seen by some people as a very drastic measure and one which they don’t wish to take. However it is now the case when you are made bankrupt the bankruptcy itself is not advertised. This takes a lot of worry off of clients who do not want friends and neighbours to know their business.

Bankruptcy does have its restrictions. You cannot for instance be bankrupt and also be a company director. For those individuals that we take through a bankruptcy, hardly any will experience any problems with this restriction. For some a bankruptcy will make it difficult to continue in a profession such as accountancy or as a solicitor. For these people we would not advocate bankruptcy but instead an IVA. However consider the benefit of getting your debt written off and knowing you can move on with your life again.

It is also the case that when you declare yourself bankrupt all of your assets vest with the Official Receiver. If you have a house which you own, your share will vest by operation of law with the OR. If you have negative equity, then the OR will probably sell it back to you for £1 plus his costs. We have had very many clients this year with negative equity who have got rid of all their debt, but retained their house as it has negative equity and they can pay their mortgage.

The real final problem with bankruptcy is that the OR may ask for a monthly payment to be made to him. This is known as an income payments agreement. We have had a case come through us where an individual was due to do an IVA. It was rejected as the creditors would not accept an offer of £500 per month. We took him through the bankruptcy process and were able to get the official receiver to accept payments of £75 a month for 36 months. This client saved nearly £27500 by doing a bankruptcy instead of an IVA.

If you are thinking of making yourself bankrupt, it can seem a daunting process. It is good to know therefore that help is at hand and there are companies who can take you through the whole process for as little as £250.

Contact Steve Thatcher of Help With Debt (UK) Limited a total debt solutions company. For all further reading see http://www.helpwithdebtuk.com For personal contact email sthatcher@helpwithdebtuk.com If you have any debt problem whatsover either personal or corporate make Steve your first call all advice is free. Finally if in the UK and you need a friend to speak to call 01162171406 Visit http://www.helpwithdebtuk.com

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