Bankruptcy, at one time used to be something to be avoided at all costs. But, with today’s current attitude to debt things have changed.
It is a legal agreement to cover situations where you are unable to meet your debt
WHY BANKRUPTCY CAN BE GOOD
Your debts written off completely. The period of the bankcruptcy is usually 12 months, sometimes shorter.
Your creditors must stop chasing you for money.
The process is the quite straight-forward and its much more accepted now as a solution.
We give you support and advice during the procedure.
We even accompany you to court.
THE DISADVANTAGES of BANKRUPTCY
We need a £700 cash payment required per person on the day we start,
It is not secret as it goes in the London Gazette and it may go in the local paper.
If you are made bankrupt you can not be a director of a limited company.
You are restricted from holding certain positions in the community
What you own, (your assets) are administered by the Official Receiver
Your credit rating will be affected.