Biggins’ Brilliant Bankruptcy
Christopher Biggins has recently been quoted as saying that the bankruptcy process was the best thing that ever happened to him. Apparently, it taught him valuable life lessons about the difference between cost and value, the importance of money management and taking a responsible approach to spending. Given the trend of bankruptcy and bad debt among his fellow “I’m a Celebrity… Get me Out of Here!” contestants, it would seem to be a lesson that they’d all do well to learn.
Essentially celebrities, or more broadly, those in the entertainment industry, are in jobs that cannot guarantee a stable income for an extended period. Some would argue, what jobs can in this day and age? Well, for entertainers more than most, the work can come and go but the habit of excessive spending remains pretty constant. Others who are self employed will understand the transient nature of the work but the spending habits of celebrities will be alien to the vast majority.
The root of Christopher Biggins’ debt problem will not be unrecognisable to his peers; it boils down to inadequate or non-existent budgeting. When the work isn’t there, the money isn’t coming in. Well, at least certainly not fast enough to match the spending. That, in the most basic terms, is at the core of the vast majority of people’s financial ill-health. Luckily, he sought out debt advice and decided, with the help of the advisor, that declaring bankruptcy was going to be the best option for someone in his situation, facing his level of debt.
The benefit of bankruptcy, if it can be described as such, for someone in Christopher Biggins’ position, who’s struggling to keep control of their spending, is the limit it places on your access to credit. You’re only allowed to keep only one card and a single bank account. So, if you can’t manage your own personal finance, bankruptcy simply makes it a lot harder to spend. Naturally, it’s not the only debt solution currently available on the market UK market. In fact, bankruptcy is the most severe debt solution. It’s possible that you could lose the equity in your home or some other valuable asset to the service your outstanding debt. If bankruptcy is excessive for someone in your situation, it is best avoided. Speak to a dedicated debt advisor and consider something like an IVA instead.
Biggins bankruptcy allowed him to keep his home and other assets. Often though, bankruptcy proceedings will lead to repossession in order to service the debt. Another perk of the IVA is that it lets you keep your home and other assets, as long as you keep up with the repayment plan. The stigma surrounding bankruptcy could be taken two ways in relation to high profile people like celebs. On one hand, they have a reputation to uphold but on the other, courting controversy can prove to be lucrative. For most of us though, the added privacy of an IVA, as opposed to being published in your local newspapers and the London Gazette like bankruptcy, is a significant benefit.
No matter which debt solution is found to be the most suitable for someone in your circumstances, we can learn from Biggins’ debt problem in the way he sought out professional advice. Perhaps had he done it sooner, he would have avoided bankruptcy. Then again, it seems to have worked for him. For a free, impartial check-up of your financial health, visit www.debtsolver.co.uk and a dedicated debt advisor will diagnose your problem and prescribe the proper debt solution.
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