Fix My Debts

Bankruptcy is the final debt management option and should only be considered as a very last resort. There are alternatives to bankruptcy, notably an IVA or Trust Deed.

The more you ignore your debts, the worse they get. If you don't do something about them you could wind up being the subject of a bankruptcy order. That really is the final step, there are many options if you acknowledge the debt and finding help could be the answer.

If it's past that and you can't pay back the money you owe, bankruptcy could be the only option left. And it's not always a voluntary thing, a creditor can apply to make you bankrupt and they don't have to ask your permission.

You can also make yourself bankrupt, but it's not that simple and the effects can be enormously damaging. Your creditors will have the right to seize your assets in order to sell them and get their money back. Your future earnings could be affected, you won't be able to own a business and there are certain jobs that you are not allowed to do.

In some cases, your bankruptcy may actually last for longer than a year, it could be extended for up to 15 years. This would only be the case if the trustee believes that something untold has happened with your finances.

In conclusion, it can be seen that bankruptcy is no easy way out of having to pay off your debts. It really is the final option and should only be considered if IVAs, debt management plans and consolidation loans can't help you.

There are loads of alternatives to going bankrupt and we can explain all the options. Don't put it off any longer, take your first steps on the road to financial freedom. So fill in our short form today.