Bankruptcy is a very serious situation. Having a bankruptcy
order made against you could result in the loss of all your assets
including your home.
You would also lose any assets you acquire
until you are discharged. Bankruptcy can result in you being forced to
stop trading, and losing your professional status. It can adversely
affect your employment or future prospects. It will place stringent
controls on your financial affairs and wreck your credit rating for
years to come.
Bankruptcy is a very
public humiliation and the repercussions on the bankrupt life for years
to come can be immense. There are a number of myths about bankruptcy.
Although sometimes there is no alternative, bankruptcy is seldom an easy
way out. It is vital to explore every alternative.
If you are considering bankruptcy, you should ask yourself four questions:
- What will be the effects on me, my family and my reputation if I declare myself bankrupt?
- What will my creditors do to me if I do not declare myself bankrupt?
- How will I cope with the emotional stress of bankruptcy?
- What are the practical alternatives open to me?
By calling IVAuk on 0000 000 0000 our team of experts will help you
answer these questions and ensure you take the best course of action.