Bankruptcy 

Many thanks for visiting our site. All of the information on this page is about bankruptcy, in particular what becoming bankrupt means and the impact it will have on you and your life.

Bankruptcy can be summarized quite easily. It is simply a process that one goes through when you are unable to pay your debts, it usually happens when the debt is so large that there is no way of paying the amount back. Sometimes, people use bankruptcy as an easy way out, other times there is very legitimate reasons for becoming bankrupt. What ever the reason, please make sure that you have thought long and hard about it.

There are ramifications of becoming bankrupt, this may include the social stigma of having your name publicly associated with being bankrupt. You will also find it very difficult to obtain credit once you become bankrupt. As a bankrupt, lenders are most likely not prepared to take the risk on providing you with a line of credit. If they do, it will almost always be at a very high rate of interest or secured in some way.
                        
The best advice that we can give to you is try to do whatever is possible to avoid becoming bankrupt. It's true, there are some cases where it is unavoidable, hopefully you'll find helpful information on this site to help you rebuild your credit rating. Otherwise, we recommend that you research as much as possible, discuss your situation with your lenders and above all, be proactive. As sure as eggs are eggs, you're the only person that can get yourself out of the situation you find yourself in. Take the bull by the horns and do something about it today.

One of the strange things about debt management is that there does not seem to be any impartial advice available, instead it is in return for a consolidation loan, a debt management service or any other service that is designed to take advantage of your desperate situation and take more money from you. We've listed below a number of thoughts and suggestions that might help you:

• Be as proactive as you possibly can. Communicate with your creditors, this is very important. Their objective is to receive their money, they do not want to have to pay to go through courts and hire collectors. Be open with them, describe your situation and agree a plan. Most lenders are very open to this approach and may agree to reduce interest, provide a payment holiday or anything else that might help you. Remember, if you do have an agreement, stick to it.
• Remember that being bankrupt is on your record for ten years, during this time you will find it very hard to find any form of credit. You will not be able to get a mortgage, apply for a credit card, apply for a loan. Really think about the impact this may have on your life and your plans. Poor credit score and credit report can be fixed a lot quicker than a bankruptcy on your file.
• If you are emotional or find it difficult to communicate about these issues via a telephone conversation, write everything down. Send letters by recorded delivery and keep records. Your lenders have certain regulations they need to adher to, so they will be open to this approach.

 If you can not face the next few months on your own, please don't despair. There are groups of people that are available and trained to help you for free, check you local publications for the numbers and arrange a meeting. The only people that win when it comes to bankruptcy are solicitors.

 Helpful Resources

 other options

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