Why you need professional advice before filing for bankruptcy
By Mr Bankruptcy
18th April 2019
Facing a growing debt problem is a stressful and often lonely road to walk and there’s going to be a temptation to do whatever you think will make the problem go away as fast as possible.
On the one hand, it’s usually best if your debt starts to become unmanageable to address the matter as soon as possible (and I’ve advised this in a previous article) it’s important to know how to do this in a way that will effectively resolve your problem.
Bankruptcy is usually one of the first solutions people come up with for dealing with debt and you can make a bankruptcy application yourself. But before you decide to take that route ask yourself if you could answer these questions?
What do I need to know about bankruptcy?
• What is bankruptcy?
• How do I start bankruptcy proceedings?
• How do I assess whether bankruptcy is right for me?
• How much does bankruptcy cost?
• Is bankruptcy the best option, or the only option, available to me?
• What happens if my application for bankruptcy is rejected?
• How would being bankrupt affect my personal and professional life? What are the long-term implications?
Bankruptcy is a legal process, so before committing yourself or business down that track it’s essential that you fully understand it. Getting professional advice will clarify the questions you need to ask about your debts and help you arrive at the answers but it can also provide much more:
• Understand whether bankruptcy actually applies to your particular situation (take a look at my post: https://jamesrosa.co.uk/should-you-go-bankrupt/)
• Know whether there are other debt management solutions more suitable with a less detrimental impact to your personal circumstances
• Negotiate settlements with creditors to avoid bankruptcy altogether
• Gain impartial advice from an expert who is sympathetic and understands your situation and has an honest, clear and objective perspective. This can be difficult to achieve by yourself when emotions run high
• Receive advice and case management based on practical experience and technical expertise rather than hearsay or a limited perspective that doesn’t take your particular situation into account
• Prepare up front for what’s to come so that you are aware of costs and processes
As debt advisors we understand the additional strain that the legal process of bankruptcy puts on people and businesses. We also see how receiving good advice can quickly alleviate a great deal of that pressure when people can see a path ahead of them that addresses their debt worries.
A road less lonely
There’s an Arabic saying that translates to: “before you hit the road, choose your companion.”
Dealing with debt needn’t be such a lonely path if you can finding a travelling companion whose professional advice you trust to help you make the right decisions and open up options you never knew existed.
James Rosa Associates
James Rosa Associates is a firm of debt advisors and debt adjustors. With a supportive and friendly approach, we offer a full range of advice and professional services to individuals and business owners/directors facing unmanageable debt or 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 explore whether you qualify for a consultation.
Please be advised that all views expressed in these posts are those of the author and not of James Rosa Associates ltd.