Personal bankruptcy should definitely only be considered as a last resort, even if you’re in very serious debt. Debt Free Direct can offer free debt help to see whether it may be in your better interests to consider an IVA (Individual Voluntary Arrangement) or another debt solution.
If you can no longer meet the debt repayments to your creditors, then personal bankruptcy could become a possibility. But remember, your creditors will probably be far more interested in you taking out an IVA where they'll even write off the debt you can't afford to repay. Talk to us to find out more about what we do and how an IVA could help you avoid personal bankruptcy.
Call us free on 0800 083 1433 to find out more.
<Personal bankruptcy also affects your business
Although personal bankruptcy is different to corporate bankruptcy, there are still major implications if you also run your own business. For example, your business will usually be closed down and you will be barred from being a company director again without court permission. But ask us for further debt advice so that you are aware of how personal bankruptcy will affect all your affairs.
Clearing your debts
Whilst it's true that bankruptcy can clear your debts, it's a very drastic way of doing so and has serious implications. Other debt solutions such as IVAs, and Debt Management or Remortaging could also lead to you clearing your debts. So talk to us first for some expert debt advice.
Call us free on 0800 083 1433 Our phone lines are open 8am - 8pm Monday to Friday and 9am - 5pm Saturday. You can call free for an initial chat about your own debt situation.
