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Bankruptcy is the most serious debt solution and should be viewed as a last resort in terms of debt solutions. It has the most adverse affect on your Credit Rating and is more likely to put your assets at risk than other solutions. It can also affect you ability to carry out certain professions.
If you're facing serious financial ill-health, you may find that filing for bankruptcy is the best debt solution for your circumstances. Whilst there is a certain stigma that surrounds bankruptcy you should remember that there is nothing sinister or punitive about the process. For those facing severe debt problems, bankruptcy may be their only option. Debt Solver can help you with both advice and guidance through the process.
Proceedings will free you from overwhelming debts but your assets may have to be sold to help pay them off. This could mean your house, car and valuable items. Also, debts like 'Court fines' and 'student loans' are not written off.
Before settling on bankruptcy as a debt solution, you should speak to a Debt Solver advisor about this or alternative solutions. For example, an IVA will allow you to make more affordable monthly repayments towards your debts.
We'll offer you specialist advice on the alternatives before you make a final decision. An IVA may often provide a realistic alternative, but it's about find the right solution to suit your personal circumstances.
Have a financial health check and see if this is the best debt solution to suit your situation. One of our dedicated advisors will make a debt diagnosis and prescribe the best course of action to suit your circumstances.
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