Dealing with Bankruptcy

Cash management is an important task. If you are not adept at it, you can lose track of your finances and fall into a debt trap, jeopardising your home and assets and potentially your career. A Bankruptcy will also be recorded on your credit file for 6 years, badly affecting your ability to obtain credit after your Bankruptcy.

Dealing with Bankruptcy is not just a financial liability as it can lead to serious consequences if you work in the financial services industry or hold public office. Along with this, you would be liable to loose all assets such as your home and car, along with any endowment or insurance policies.

Dealing with Bankruptcy is a process that usually takes a year or so in order to complete all of the investigations and legal procedures. Additionally, you may be made subject to a Income Payment Arrangement for up to 3 years, or a Bankruptcy Restriction Order for up to 15 years.

An Individual Voluntary Arrangement (IVA) from Debt Lifeboat may be a more suitable method of clearing your debts. Your creditors would not be able to chase for repayment and you could be free from unsecured debt in five years. An IVA will not usually affect your employment, your ability to hold public office or to be the director of a company. 

If you are looking to clear up a financial mess, it is essential that you take card of your debts with some form of debt management solution.