subject: Bankruptcy Help in Lincoln [print this page] Bankruptcy Help in Lincoln Bankruptcy Help in Lincoln
Do you need help with debt in Lincoln? Are you at a stage in your finances when you simply cannot afford to make payments to any of your creditors? If so you may be thinking of seeking a bankruptcy solution. Here at Help With Debt, we walk people through the bankruptcy process every day of the week across the country including in the Lincoln County Court. We have excellent experience in making sure that bankruptcy petitions are processed and accepted in the Lincoln County court.
Bankruptcy is seen by some people as a very drastic measure and one which they don't wish to take. Many think that Bankruptcy has a stigma. This is not the case anymore. Your bankruptcy will not even be advertised in the local paper any more.
In Lincoln the process is quick and efficient and we will have you through the court and getting on with your life before 10 o clock on the date appointed for your bankruptcy.
Bankruptcy does have its restrictions. You cannot for instance be bankrupt and also be a company director. For those individuals that we take through a bankruptcy, hardly any will experience any problems with this restriction. For some a bankruptcy will make it difficult to continue in a profession such as accountancy or as a solicitor. For these people we would not advocate bankruptcy but instead an IVA. However consider the benefit of getting your debt written off and knowing you can move on with your life again.
It is also the case that when you declare yourself bankrupt all of your assets vest with the Official Receiver. If you have a house which you own, your share will vest by operation of law with the OR. If you have negative equity, then the OR will probably sell it back to you for 1 plus his costs. We have had very many clients this year with negative equity who have got rid of all their debt, but retained their house as it has negative equity and they can pay their mortgage.
The real final problem with bankruptcy is that the OR may ask for a monthly payment to be made to him. This is known as an income payments agreement. We have had a case come through us where an individual was due to do an IVA. It was rejected as the creditors would not accept an offer of 500 per month. We took him through the bankruptcy process and were able to get the official receiver to accept payments of 75 a month for 36 months. This client saved nearly 27500 by doing a bankruptcy instead of an IVA.
