Bankruptcy is supposed to give you a fresh start. Relieving you of your debt worries; it enables you to move on with your life without the constant stress and worry that you had when creditors were constantly calling demanding repayments. However, all too often many people do not realize what the consequences of bankruptcy are. It can last for up to ten years on your credit report and that can be damaging if you need future credit including loans, mortgages and credit cards.
It would be a good idea to seek free bankruptcy advice before you even think about filing for bankruptcy. A professional will be able to tell you exactly how it will affect you and whether there are any alternatives that you could benefit from. If you have already been declared bankrupt and you feel that it was a mistake then you can request to be freed from bankruptcy by the court. [click to continue…]
If you are struggling to cope with a never ending mountain of debt then you may be wondering where you can turn. With constant creditor calls to deal with, as well as threatening letters and constant demands for payment that you just don’t have; life can often seem to be a very lonely and miserable place to be.
There are options out there, but sometimes the only option available to you is bankruptcy. As frightening as it sounds, bankruptcy may be able to help you to clear your debt and start again with no financial worries.
Bankruptcy Debt – What you should know
Clearing your debt through bankruptcy is not the easiest decision to make. It should only ever be used as a last resort due to its effects on your credit report and your future chances of gaining any type of credit. However, under some circumstances it can be the best option; particularly if your income will not support any form of repayment to your creditors. [click to continue…]
In the past, filing for bankruptcy was not an overly difficult task. You simply provided the court with a list of your incomings and outgoings as well as a list of your creditors and you were basically classed as bankrupt. However, the new law that came into place in 2005 has put a stop to many bankruptcy filings. These days it is much harder to be considered to be bankrupt and you have to basically jump through hoops to prove that you cannot afford to repay your debts.
Why New Bankruptcy Laws Were Introduced
The new bankruptcy law that came into play in 2005 was introduced to stop serial filers and fraudsters from avoiding their debts. There were many people who continuously filed for bankruptcy just to avoid paying back money that they owed. They took out loans knowing that they could not afford them and then they filed for bankruptcy to get out of paying them back. Obviously this was a major problem for lenders and that is why the government introduced the Bankruptcy Abuse Protection and Consumer Protection Act 2005. [click to continue…]
