Bankruptcy Myths: You Must Know About It

Are you not able to repay your debts? Are you really confused about procedure of bankruptcy

? Today, we are going to discuss various bankruptcy myths.

1.Leave out some debts - This is 100% incorrect and wrong. According to UK bankruptcy laws, individual is required to reveal complete information about the assets, debts, creditors and income. It is advisable not to hide any assets or debts while filing bankruptcy petition.

2.Tool to eliminate the debts Few people use bankruptcy as a tool to wipe off all debts. As per procedure, most of the debts can be eliminated completely, except student loans, child support, some taxes, criminal charges etc.

3.It is only for poor people This is another bankruptcy myths. Bankruptcy is the right of UK people under the constitution. This process is available for every individual, partnership firms, company, proprietorship, company, organization and many more. Any one can file it without any issue, as per requirement and financial conditions. Generally, people like to go with it when they fail to repay the amount of debts towards creditors.

4.Availability of finance in future Most important bankruptcy myths. According to few people, you are not liable to get any loan or finance from banks once you file bankruptcy. There are many lenders in UK who offer unsecured loans and finances without checking credit history. It is tough to avail unsecured loans after bankruptcy, but by paying post bankruptcy bills on time you can improve the credit rating.

It is better to take the help of professionals or attorneys while filing bankruptcy, instead of taking any wrong step or information. They always provide proper guidance to you to get good result.

by: Borton Stevens

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