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| Bankruptcy Lawyer |
What is Bankruptcy Lawyer?
As a company that always has our clients interests at heart, we at The Debt Counsellors will not recommend bankruptcy as a viable solution to serious debt problems if we consider that there is an alternative solution. Bankruptcy is a humiliating and public experience, it is also a very primitive and grossly unfair means of dealing with a debt situation, it is a no-win situation for all involved.
The Myths & the Truths
Bankruptcy must not be taken lightly. It should not be considered if you have assets of any reasonable value and own your own home, even if there is little or no equity. Contrary to what might be said about the new Enterprise Act, which states that certain classifications of bankrupts could be discharged in twelve months, this will happen in relatively few cases, and it should be remembered that the stigma of bankruptcy will probably NEVER go away.
Even after being discharged, it can affect the ability to obtain a mortgage or get credit for many years to come. Being declared bankrupt is a very public matter, some of the effects are;
Bankruptcy is always advertised: The bankruptcy application will be advertised in the London Gazette and the local press where you live.
Notification is made to everyone financially connected: Your bank, building society, creditors, landlord, etc will be informed immediately.
Bankrupts cannot run a business: Any business you own will be closed immediately.
Future assets will be lost: Any asset that might have been acquired during the term of the bankruptcy, such as inheritances, insurance payouts/maturities, equity in property, windfalls, etc., and possibly pension income.
All accounts closed: Bank accounts, credit cards will be closed. Anything that is being purchased by lease or HP, such as your car, will be immediately returned to its owner.
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