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Mr Smith has 6 unsecured creditors with a total debt of £38,786, his current contractual monthly payment amounts to £1,163.58. After taking his income minus his essential expenditure into account, Mr Smith has £434 to service these debts. A Debt Management Plan was negotiated for Mr Smith who will pay £434 per month. This single monthly payment will be distributed to creditors on a pro-rata basis. This reduces Mr Smith’s outgoings to his creditors by £729 per month.
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Our Advice
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Debt
Counselling
Bankruptcy is just one solution to debt and should be seen as the last option when none of the following are suitable:
· IVA
· Debt consolidation mortgage
· Debt consolidation loan
Alternatives to bankruptcy
If you have a high level of debt and your level of income is low, bankruptcy should be considered. Ask yourself:
Do I think my financial situation will get better in the foreseeable future?
Do I own property or other valuable assets which could be used to raise a cash sum?
Can I realistically expect to repay my debt within a realistic timeframe?
Will I loose my existing job if I where to be made bankrupt?
Do I need to be a director of a company?
Are there any other debt solution options suitable for me, i.e. debt management plans?
If the answer to every question is ‘no’, there’s a good chance bankruptcy could be right for you.
What are the main advantages of bankruptcy?
You’ll know when you’ll be debt free
You will worry less and your stress levels may go down once you know your debt problems are being addressed
You will no longer be chased up by debt collectors and/or bailiffs and your creditors will no longer take legal action against you.
The balance of the debt you can’t afford to repay will be written off when you’re discharged from bankruptcy (usually after 12 months)
You’ll be able to make a fresh start when your bankruptcy is over
What are the disadvantages of bankruptcy?
Your valuable assets, including your home, might need to be sold if there is equity in the property that could paid to your creditors
Bankruptcy can prevent and restrict you from working in certain occupations
Your bankruptcy will be advertised in newspapers
Bankruptcy is a form of insolvency – a formal, court-driven process
Although the bankruptcy is usually for 12 months, it will remain on your credit file for 6 years and will very likely deny you access to credit, including car loans, mobile phone contracts etc. Also, it is likely that you may have difficulty in obtaining a new mortgage without a large deposit.
Before deciding whether to proceed with bankruptcy, we would recommend all other options are looked at and considered in detail by talking to us.
As a general rule, bankruptcy is the most severe consequence of debt and should never be entered into lightly as there can be long lasting implications other than those relating directly to the monetary amount of the debt. For some people, however, bankruptcy may be the most appropriate solution. It can be the best way to repay what they can of their debt, write off the rest – and make a fresh start.
We understand that debt is not
just about money, it is about
the pressures that you and
your family have to cope with.
How do I apply
for Bankruptcy
There are two types of bankruptcy. Firstly, a Voluntary Bankruptcy. This where you file your own petition at the County Court. Then there is Involuntary Bankruptcy, which is where a creditor can petition for your bankruptcy if they are owed £750 or more.
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Bankruptcy?
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