Bankruptcy: The lowdown
Nobody ever wants to reach that stage where bankruptcy is your only option. Yet unfortunately in a world full of debt, costly living and failing businesses debt is becoming more of a reality than ever. What needs to be considered however is that bankruptcy may not be your only option when facing severe debt. Bankruptcy can be voluntary or petitioned against you. Never voluntarily file for bankruptcy unless you feel you have exhausted all other options.
The thought of having a fresh start and eradicating the most part of your debts can seem appealing to some. However bankruptcy doesn?t come lightly. There are severe consequences from bankruptcy that are not pretty and can make life difficult for years after. The most obvious negative point is the stigma that is attached to being declared bankrupted. It is declared in the local newspaper and your personal assets may be repossessed in order to pay for your debts. This will be avoided and your trustee will work with you to protect your house, car and substantial possessions.
Not only are you at risk of losing your home and face public humiliation, but also you are blacklisted in many other ways. If declared bankrupt you are unable to enter occupations such as the police force, councils and armed forces. You will be unable to get any credit, making it unlikely to be able to have your own bank account or any form of credit. This credit record will last 6 years.
These factors override the positive of a fresh start by a fair way. So it is recommended to avoid getting to this point at all costs. Alternative options those such as IVA?s (Individual Voluntary Arrangement) may be the way forward. These are legally and act by coming to an arrangement with your creditors whereby you agree on an affordable repayment amount to be repaid within a particular timeframe in which may result in substantial amounts of your debt being written off if the agreed amount is paid successfully.
So if you?re facing severe debt today, and feel that bankruptcy may be your only option, then think again. Seek professional advice and make sure all you options are known to you before making any decisions. Bankruptcy should be the last option on the list.
Click to find out more about IVAs and for a great resource to find IVA help.
?Mail this post 
Source: http://financehelpnews.com/business-finance/bankruptcy-the-lowdown
just dance 3 philadelphia phillies lawrence o donnell cliff lee cliff lee ios 5 release date ios 5 release date
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.