Personal Bankruptcy

Although the stigma, which was once attached to Bankruptcy, is now much diminished as the reality of how easy it is for any of us to become a victim of financial insecurity becomes increasingly prevalent, it is nevertheless still a matter of the greatest concern to those facing this possibility.

UK Credit fully understands these concerns, and is able to give the best professional, legal and financial advice to those considering this last resort option.

In fact there are so many considerations to make, not least a thorough understanding of the laws of bankruptcy that can make this a very complex procedure indeed.

For example, it is legally possible for any creditor who is owed £750 or more to apply to have a debtor declared bankrupt. Obviously, this would rarely happen for such an amount. But the fact itself might come as a surprise for many. Another factor often overlooked is that whereas the debtor may not have actual financial assets, he or she may have material assets such as a house, car or other valuable property. And these could actually be sequestrated as a means for paying off the outstanding debt.

That is why UK Credit, with its professional expertise and knowledge of every aspect of bankruptcy, is able to provide specialist service and the best possible advice for all its customers who may be considering this option. Taking into account every aspect of your financial situation, UK Credit will assign a personal bankruptcy consultant to review each individual concern.

On examining your overall position, it may be considered that an IVA could be a more suitable alternative, bearing in mind the restrictions often connected with bankruptcy, including the effect of possible long-term poor credit rating, which may be imposed. There are also fees to be paid with bankruptcy applications and additional court costs to be taken into consideration.

Avoid Bankruptcy

In cases where a customer desperately wishes to avoid bankruptcy altogether, UK Credit will closely investigate all other possible methods of alleviating the debt problem.

Filing Bankruptcy

However, dependent on individual circumstances, filing bankruptcy proceedings may be the most appropriate course of action to take: One of the main benefits being that the debt can finally be written off, and there will be no further pursuance from creditors. In short, that fresh start can actually begin.

Bankruptcy Advice

There are so many considerations to be taken into account where bankruptcy is concerned, and it is vital that you seek the highest professional advice before even remotely considering filing for bankruptcy, or defending a petition against it. Quite often a skilled consultant may be able to put a seemingly overwhelming debt problem into a clearer perspective, and alleviate much of the stress associated with financial difficulties.

UK Credit understands that each individual case is different and unique, and will only offer the most appropriate bankruptcy advice tailored to meet your very particular and unique circumstances.