All too often the very people who would benefit most from entering into personal bankruptcy dismiss the idea out of hand due to a fear of the unknown or the stigma associated with bankruptcy.
There are many forums available on line, but we also suggest you read our ‘Frequently asked Questions’ for more information – these FAQs cover just about every possible debt scenario and should allow you to make an informed decision.
People with debts exceeding £15,000 and have no assets, including those with no equity in their properties, would benefit from bankruptcy. Properties in negative equity are not lost in bankruptcy, provided mortgage payments are maintained.
Surprisingly few professions are directly affected by bankruptcy – accountants, solicitors, financial advisers, mortgage brokers and the Police (but not community support officers) might want to avoid bankruptcy, but we have taken countless NHS staff, council workers, teachers and office staff through the process.
There are some people who disagree with the moral aspect of bankruptcy, believing they have a obligation to repay the money they have borrowed. What they don’t know is that the debt is always sold on to third parties, who proceed to collect the debt. You would therefore be repaying a completely unrelated company. Besides, the original creditor would have already written off the debt and it no longer exists on their books.