How to deal with personal bankruptcy
By Mr Bankruptcy
2nd September 2021
In our previous post Could personal bankruptcy be the right option for you? I discussed when it might be time to consider bankruptcy. But I also appreciate that’s easier said than done. How do you come to terms with taking such a step?
The first step is the hardest
During the first quarter of 2021, 290 people every day were declared insolvent or made bankrupt in England and Wales; that amounts to one person every five minutes, according to the UK Debt Service. Despite its serious impact on your financial, mental and physical wellbeing, being in debt can still be very personal and difficult to talk about.
People feel a stigma associated with debt, which is why We need to talk about debt raises the issue to illustrate why seeking advice or getting support from those around you is an essential first step to dealing with debt. For many people, it’s also the first step in accepting that they have a problem that needs dealing with.
Understanding the up-side of bankruptcy
Key to dealing with your bankruptcy situation is being clear on why it’s the right step forward for you. Personal bankruptcy will change your circumstance and these outcomes can improve your situation:
- Relieves the pressure of dealing with creditors, because they have to stop demanding payment and charges, such as interest.
- You aren’t subject to further legal action from creditors
- You won’t have to pay back debts covered by the bankruptcy
- You’ll be allowed to keep “exempt goods”, meaning you retain essential household items and, in certain circumstances, your car and the tools you need to do your job
- You can keep some of your income
- Payments from income that you do have to make end after three years
Seek professional advice
Being able to deal with personal bankruptcy is about having the confidence that you’re taking the right path for yourself. Equip yourself with the right information on debt management by asking questions and receiving clear and comprehensive advice from debt advice experts who can provide the answers.
When you understand what bankruptcy is, you have the support for friends and family and specialist bankruptcy advice, you can be clearer about the reasons why it’s the right path for you. You will deal with your bankruptcy by regaining control of your debts.
James Rosa Associates
We are a firm of debt advisors and debt adjustors. With a supportive and non-judgemental approach, we offer a full range of advice and professional services to individuals and business owners/directors who face unmanageable debt or who are involved in civil or commercial disputes. Our services include:
- Insolvency support
- Negotiated settlements
- Personal assisted bankruptcy
- Mediation
We are authorised and regulated by the Financial Conduct Authority (FRN665061) to work with clients to produce bespoke solutions to fit their specific circumstances.
Find out if you qualify for a free consultation
If you want to deal with an unmanageable debt, or bring a dispute to a swift and cost-effective resolution, contact James Rosa Associates, ring 0845 6807217 or email enquiries@jamesrosa.co.uk to find out whether you qualify for a free consultation.
Please be advised that all views expressed in these posts are those of the author and not of James Rosa Associates ltd.