Bankruptcy

[Harry]

If your debt has become unmanageable then bankruptcy is an effective solution immediately freeing you from debt and giving you a chance to have a fresh start.

If you haven't got any assets to protect such as a house, savings or an expensive car (over £2500) and if your occupation isn't affected then bankruptcy may be more suitable for you than an IVA.
Following bankruptcy your creditors are not allowed to contact you for any previous debts as they are no longer your responsibility. There's no threat of bailiff action either.

You will be bankrupt for 12 months, after which you are automatically discharged and are in a position to rebuild your credit file. Much like an IVA, your credit rating will be affected in the future, but over time it will improve.

Learn more and visit the bankruptcy information section. (http://www.clearinsolvency.co.uk/bankruptcy.php)

[Jackson]

Bankruptcy is one of the most complex areas of law, incorporating elements of contract law, corporate law, tax law and real estate law.

[Rob]

Bankruptcy is one of the most complex areas of law, incorporating elements of contract law, corporate law, tax law and real estate law.

Hey, thanks for your insightful response ...

[martin]

These days maintaining a debt free life become very difficult. Attracting offers in the market make people use their credit cards and borrow loans consequently increasing the burden of debt on them. I think if one gets stuck with heavy debts and are considering bankruptcy then he should look for debt settlement. Debt settlement is a deal between a creditor and debtor, in which the debtor offers a lower amount to the creditor than he actually owes to the creditor. The creditor also takes this amount and settles his debts so that he could achieve something better than nothing. One can also seek help from various companies, which are operating in this field to help people to settle their debts.

[Rob]

Martin - thanks, that's a useful alternative which will keep people's credit rating intact.
For those interested here is a useful ebook on Debt Credit Repair. (http://www.smallbusinesssuccess.biz/e-book/debt_credit_repair.htm)