What does a bankruptcy consultant do?
By Mr Bankruptcy
26th February 2024
With the monthly number of people declaring bankruptcy in the UK reaching 6788 in January, compared to a 25-year low of 2374 in January 2021, the bankruptcy consultancy service at James Rosa Associates is getting more and more busy, unfortunately. But what does a bankruptcy consultant actually do?
Guiding people with unmanageable debt through the bankruptcy process
Well that’s the short answer, but there’s a lot to the job. A bankruptcy consultant is someone who is authorised and regulated to help guide individuals dealing with bankruptcy.
We work with private individuals, sole traders, and partnerships to help them understand their financial situation and provide them with the information they need to make better and informed decisions moving forward. There are a number of options that may be open, including negotiating settlements with creditors and filing for bankruptcy, which we help you do. You can also work with a credit counselling service to develop a plan for paying off your debts.
To get a clear picture, we can help. Organizing your financial records is an important part of managing your personal finances. You may not be able to find certain documents in your personal file cabinet, and organizing your financial records will help you find the things you need. These records include online banking statements and credit card statements. An experienced bankruptcy consultant can help you manage these records and organize them properly.
Some pros and cons of Personal Bankruptcy
Everyone’s situation is unique and filing for bankruptcy can be the right decision in some cases:
- Your unsecured debts are written off.
- Personal Bankruptcy only lasts for 12 months.
- Creditors must stop chasing after you for their money.
- It’s a straightforward procedure.
- Bankruptcy no longer has the same level of stigma associated with it.
However, we also have to advise clients about the down sides:
- Submitting your bankruptcy application to the Insolvency Service currently costs £680.
- If you are a company director, you can no longer hold that position (whether formally appointed or not).
- Personal Bankruptcy is advertised in the press.
- If you borrow £500 or more, the lender must be told that you are personally bankrupt.
- Your credit rating will be affected.
- Your assets are placed in the hands of the Official Receiver.
- You can’t hold certain positions in the community, for example a charity trustee or a magistrate.
If you do decide on filing for bankruptcy, you may also want to talk to a bankruptcy lawyer who can help you understand the legal process and make sure that your paperwork is filed correctly as well as represent you in court if necessary. However, they usually charge higher fees than a bankruptcy consultant.
Why you should choose James Rosa Associates if you need bankruptcy advice
When choosing a bankruptcy consultant, it’s important to find someone you can trust and feel comfortable with. It pays to do some research beforehand to find a good bankruptcy consultant, by checking reviews or asking for recommendations.
At James Rosa Associates, we are experienced and knowledgeable in bankruptcy. We pride ourselves on taking a supportive and non-judgemental approach and will work with you to understand your financial situation in order to help you to make the best decision and to find light at the end of the debt tunnel.
We also offer a wide range of advice and professional services to both individuals and business owners/directors, with unmanageable debt or in a dispute, including:
We are, of course, authorised and regulated by the Financial Conduct Authority (FRN665061) to work with clients to produce bespoke solutions to match their specific circumstances.
Are you entitled to a free consultation?
If you need to tackle an unmanageable debt or interest repayments, or want to bring a dispute to a satisfactory resolution, then contact James Rosa Associates, ring 0845 6807217 or email us at 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.