subject: Advice on Bankruptcy- Professional Aid is Required [print this page] Bankruptcy is a social and financial status that may get attached to a businessman. The main factor behind getting this social status is the lack of ability to pay back any loans or money owed to their creditors due to lack of finance. This status is legally applied to the person, though he/she will have to apply for bankruptcy and go through that process individually.
Advice on Bankruptcy- Why is it needed?
The choice of bankruptcy is not an easy process and the stigma of bankruptcy stays with the person socially for some time but officially for a year., although it could remain on your records for up to six years. Using bankruptcy as a way to help clear your debts is one way however it may not be the only possible way out to clear off the debts to your creditors, so it is advisable to seek professional advice as to what options you have should you consider bankruptcy.
Advice on Bankruptcy- The Procedure
Those people who wish to apply for bankruptcy may first contact a private company or a government body for legal advices on bankruptcy. They will discuss in detail all of your options and how best to sort out your debts. There could be many alternative options for clearing off the debts, so becoming bankrupt may not be your only option. If there are no options left, you will be explained the procedure of bankruptcy and its consequences in details.
What is bankruptcy?
As mentioned earlier, this is a financial status that demonstrates a person who is unable to repay their debts and who has very little options as to how they can clear the debt to their creditors. It normally allows the person to either completely write off what they owe or to substantially reduce their outstanding debt. The status of being bankrupt normally stays with you for at least a year but will remain on your credit file for some years later.
How can you apply for bankruptcy?
There are many private companies who can help you become bankrupt, so there will be lots of advice and help at hand. The Citizens Advice Bureau is a good starting point however they may only be able to offer a limited amount of advice but they should be able to help point you in the right direct for some additional professional advice.
Advice on Bankruptcy- Professional Aid is Required
