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How do I go bankrupt

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Bankruptcy is often a consideration for any individual or organisation that is unable to repay outstanding debts. …

Bankruptcy is often a consideration for any individual or organisation that is unable to repay outstanding debts.

Published in: Economy & Finance, Business
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  • 1. What is Bankruptcy
    Bankruptcy is often a consideration for any individual or organisation that is unable to repay outstanding debts.
    Becoming bankrupt will result in:
    • Your creditors writing off your unsecured debt.
    • 2. Your remaining assets being distributed across any outstanding creditors.
    • 3. A trustee being appointed to manage your finances for a certain period.
    For more information visit How do I go Bankrupt
    0800 280 2816
    Payplan Ltd. Kempton House, Dysart Road, Lincolnshire, NG31 7LE
  • 4. When to declare bankruptcy
    If you are in a lot of debt which you cannot possible repay and you are unable to raise the money to pay your creditors by selling your assets you might start to consider bankruptcy.
    But before you do you should consider the pros and cons of bankruptcy and the alternatives available!
    For more information visit How do I go Bankrupt
    0800 280 2816
    Payplan Ltd. Kempton House, Dysart Road, Lincolnshire, NG31 7LE
  • 5. Benefits of declaring yourself bankrupt
    The benefits of bankruptcy are:
    • All of your debts will be written off
    • 6. A trustee will be appointed to deal with your remaining creditors
    • 7. Your creditors will be forced to accept reduced repayment
    For more information visit How do I go Bankrupt
    0800 280 2816
    Payplan Ltd. Kempton House, Dysart Road, Lincolnshire, NG31 7LE
  • 8. Drawbacks of declaring yourself bankrupt
    There are however many drawbacks to bankruptcy:
    • You will lose any assets of value
    • 9. If your debtors hold any equity in your home it will likely be sold
    • 10. If you own a business it will be sold and your employees dismissed
    • 11. Your credit rating will be severely damaged
    • 12. All insolvency costs (which can be considerable) are taken out of your assets
    For more information visit How do I go Bankrupt
    0800 280 2816
    Payplan Ltd. Kempton House, Dysart Road, Lincolnshire, NG31 7LE
  • 13. Drawbacks of declaring yourself bankrupt
    More drawbacks to bankruptcy:
    • You must disclose your status as bankrupt when trying to obtain credit in the future
    • 14. Loss of financial privacy
    • 15. Your name will be published in a public bankruptcy list
    • 16. You will not be able to hold a number of public or trustee offices
    • 17. Some types of debt cannot be written off
    For more information visit How do I go Bankrupt
    0800 280 2816
    Payplan Ltd. Kempton House, Dysart Road, Lincolnshire, NG31 7LE
  • 18. How to avoid bankruptcy
    There are a number of ways to avoid bankruptcy and alternatives to consider in a tight spot.
    • Create a budgeting plan
    • 19. Debt management plans
    • 20. Debt consolidation loans
    • 21. IVA
    For more information visit How do I go Bankrupt
    0800 280 2816
    Payplan Ltd. Kempton House, Dysart Road, Lincolnshire, NG31 7LE
  • 22. Create a budgeting plan
    Seeking free professional debt help and advice can help you clear your person debt without you having to cut down on the things you and your family needs.
    By maximising your income and minimising your unnecessary outlay you may be able to turn your finances around.
    For more information visit How do I go Bankrupt
    0800 280 2816
    Payplan Ltd. Kempton House, Dysart Road, Lincolnshire, NG31 7LE
  • 23. Debt management plans
    A Debt management plan is an arrangement that you can make with your debtors to make regular reduced debt payments based on how much money you can afford to pay.
    Some debtors will even agree to reduce or freeze the interest on your debt which will stop the debt from growing over time as you make smaller payments.
    For more information visit How do I go Bankrupt
    0800 280 2816
    Payplan Ltd. Kempton House, Dysart Road, Lincolnshire, NG31 7LE
  • 24. Debt consolidation loans
    A debt consolidation loan is a loan large enough to pay off all of your existing debts in order to make your debt problem easier to manage.
    Debt consolidation loans may reduce your monthly repayments as you will be paying the loan back over a longer period but if the interest rates are high on the loan you may end up paying more in the long run.
    For more information visit How do I go Bankrupt
    0800 280 2816
    Payplan Ltd. Kempton House, Dysart Road, Lincolnshire, NG31 7LE
  • 25. IVA
    A last resort as a debt management option but preferable over bankruptcy. An IVA is a formal arrangement with your debtors to repay a portion of the debts that you owe and to write the rest of the loan off.
    Though you do not risk losing an assets or property by agreeing to an IVA you will still damage your credit rating which will make it harder to borrow money in the future.
    For more information visit How do I go Bankrupt
    0800 280 2816
    Payplan Ltd. Kempton House, Dysart Road, Lincolnshire, NG31 7LE

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