If you owe money that you cannot pay, you may decide to declare yourself bankrupt. In some situations, if you owe £750 or more, the people you owe money to may apply to make you bankrupt. Becoming bankrupt is often seen as a last resort but, for some, bankruptcy can be a relief – putting an end to months or years of financial uncertainty.
When you are made bankrupt the things you own can be taken and sold to pay your debts. There are also certain rules known as bankruptcy restrictions that you must follow whilst bankrupt. At QualitySolicitors, we can explain exactly what bankruptcy entails and the restrictions and responsibilities that arise when you become bankrupt. Importantly, we may be able to help you find better alternatives to bankruptcy and put a debt management plan in place to help you regain control of your finances.
You may be worried about what will happen to your home and possessions if you become bankrupt. We will explain everything to you in straightforward terms and do all we can to minimise the impact on you and your family. In many cases, becoming bankrupt does not have to mean losing your home.
If your creditors have applied to make you bankrupt or if you’re considering bankruptcy, talk to us as soon as possible. Our friendly solicitors will make the process much more straightforward and help ease your worries. With our free first advice promise, you can discuss your options before deciding what action to take, so call us on 01978227280 today.