Bankruptcy is an unfortunate event that typically strikes individuals at one point during their lives. There are many downfalls to going bankrupt but for some people there is virtually no way around it. In these situations, it is important to remember that it is alright to go bankrupt and will help you in the long run.
How to Go BankruptIf you are going bankrupt you will need to do the following:
Retrieve as much information on bankruptcy, get advice from professionals, and complete all necessary forms to go along with bankruptcy, and file the forms within the court and pay necessary fees.
What you should do Before BankruptcyFirst and foremost you should decide which court you will be using in order to do your bankruptcy, and make an appointment within that court as soon as possible so you do not have to wait long. Ensure you have completed all necessary forms with complete and accurate information so you do not suffer any consequences. Lastly, you will need to disclose all information you have and understand how bankruptcy will affect your life.
Costs of Going BankruptUnfortunately going bankrupt is not free and will cost you, however going bankrupt is considerably cheaper than any other type of debt solution. The fees associated with bankruptcy have increased in recent years, and married couples will need to present two different petitions and pay two separate fees. Bankruptcy fees will depend on your situation, and you can find out more about these fees from a professional.
Restrictions after BankruptcyAfter you perform your bankruptcy you will not be able to receive £500 or more in credit by yourself or with another person without informing your lender of the bankruptcy. You will not be able to carry on business by a different name without disclosing this information to the person you is doing business with. You will also not be able to promote, form, or manage any companies, or act as a company director without the permission of the court.
Who is Eligible for Bankruptcy?Many people believe that only companies can go bankrupt, but in the UK bankruptcy only applies to individuals instead of companies. Any individual is capable of going bankrupt however they must be eligible and meet all necessary requirements in order to apply. The only requirement you must have is that you are not capable of paying your bills and owe more than £750.
Bankruptcy is an incredibly misfortunate event that strikes hundreds of people each year. Luckily applying for bankruptcy in the United Kingdom is simpler than most other countries and can have you back on your feet in no time at all. Fees are typically cheap for applying for bankruptcy and if this is your only option that you are surely in luck. Before trying to solve your debt on your own, consider applying for bankruptcy and enjoy your debt free life. You will feel like a weight has been lifted off of you once you no longer have debt collectors knocking at your door.