How does bankruptcy work?
Answers:
Banktrupcy is something you should think long and hard about. Don't see it as an easy way to get out of your debts. For a start you will be charged about £400 to go bankrupt in which you must pay cash (No credit cards or debit cards allowed)
Anything you own such as a house/flat, car, shares, anyhtign worth any value could well be taken from you to cover some of the debt you owe to crediters.
The law was changed about 4 years ago which means you will not be bankrupt for more than a year (when previusly it was up to 3 years) but please consider that you may go bankrupt but if you are a student I beleieve student loans will NOT be wiped clean and will stay the same.
Please be aware that geting a bank account is extremely diffucult whilel bankrupt, getting credit it near impossilbe and this will stay on your file for life. SO the chances of getting a mortgage will be hard, even if you do get one a bank will charge you a much higher percentage rate as you are seen as a high risk potential.
I did it before the law changed as I was made redundant and couldnt find work for a long time. Its not a nice experience, quite shameful in fact. So please do think about it. Go to your citizens advice and see what they can offer. And like I said if you are a student considering going bankrupt to get out of student loans.it wont work as they are exempt from bankruptcy (Am pretty sure anyway)
It works to get you out of debt yes. It also works to keep you from getting into debt again for seven years because no one will give you credit again. It sucks, try credit counseling, with a reputable firm!
Hi,
I used "CuraDebt" to consolidate my debt and avoid bankruptcy.They managed to reduce my debt up to 58%.It's legitimate.I came accross this company on NBC News Special Edition.Check it out here:
http://301url.com/curadebt
Here is an excellent site with some wonderful options 4 U. Check it out…….. Refer Bankruptcy Section.
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