For many years, the word Bankruptcy has been often a word that scared
people but in many cases it’s the quickest and cheapest way to get free
of unsecured debts.
There have been many myths surrounding bankruptcy and a lot of these are widely believed by people looking for debt help or people specifically looking on how to go bankrupt. When we speak to potential customers regarding personal bankruptcies, we are often challenged with the same set of question, these questions are usually tinted with bankruptcy myths that people wrongly believed to be facts.
Some of the most common myths we come across are outlined below,
My name will appear in the paper/my Friends and neighbours will find out?
Many years ago, “Bankruptcies” used to have a section in your local newspaper. This wasn’t done to shame debtors but was to inform creditors that may not have been aware already. Bankruptcy is no longer advertised in the local paper now unless it’s an exceptional case and/or the Official Receiver believes that other creditors in the community may want to claim (usually self-employed local business cases).
These days, Bankruptcies are mentioned in the London Gazette, but this is a trade paper for creditors.
Bankruptcy is a matter of public record and it will also be available for the general public to see on the Government Insolvency Service website. Interested parties would need to search for you by name
I will lose my house and possessions?
Not all bankruptcies result in people losing homes. If you have negative equity you may be allowed to stay in the property.
For the best advice contact us and speak to one of our bankruptcy specialists who can give you a more detailed analysis of your assets.
If I go bankrupt I don’t have to pay anything!
Not strictly true; depending on your financial circumstances you might have to pay your surplus income into the bankruptcy for a period of three years, this is known often as an ‘income payment order’
Normally if you have more than £50 surplus per month you will be expected to pay it into your bankruptcy. The more surplus you have, the more you will have to pay. If you have less than £50 left over every month you should be able to keep it.
Bankruptcy will last forever!
As we said in the introduction bankruptcy is often the quickest and cheapest way to get rid of problem debt.
Most bankrupts are discharged after a period of 12 months (although many have to continue to pay surplus income into the bankruptcy for a further two years).
Bankruptcy uk is listed on your credit file for six years and may restrict any credit products available to you during this period. Most modern mortgage application forms ask specifically if you have ever been bankrupt.
I need an accountant to go bankrupt?
If you’re self-employed an accountant may be able to offer some advice but most advice can be taken from any specialist Help with bankruptcy service provider in the uk
There have been many myths surrounding bankruptcy and a lot of these are widely believed by people looking for debt help or people specifically looking on how to go bankrupt. When we speak to potential customers regarding personal bankruptcies, we are often challenged with the same set of question, these questions are usually tinted with bankruptcy myths that people wrongly believed to be facts.
Some of the most common myths we come across are outlined below,
My name will appear in the paper/my Friends and neighbours will find out?
Many years ago, “Bankruptcies” used to have a section in your local newspaper. This wasn’t done to shame debtors but was to inform creditors that may not have been aware already. Bankruptcy is no longer advertised in the local paper now unless it’s an exceptional case and/or the Official Receiver believes that other creditors in the community may want to claim (usually self-employed local business cases).
These days, Bankruptcies are mentioned in the London Gazette, but this is a trade paper for creditors.
Bankruptcy is a matter of public record and it will also be available for the general public to see on the Government Insolvency Service website. Interested parties would need to search for you by name
I will lose my house and possessions?
Not all bankruptcies result in people losing homes. If you have negative equity you may be allowed to stay in the property.
For the best advice contact us and speak to one of our bankruptcy specialists who can give you a more detailed analysis of your assets.
If I go bankrupt I don’t have to pay anything!
Not strictly true; depending on your financial circumstances you might have to pay your surplus income into the bankruptcy for a period of three years, this is known often as an ‘income payment order’
Normally if you have more than £50 surplus per month you will be expected to pay it into your bankruptcy. The more surplus you have, the more you will have to pay. If you have less than £50 left over every month you should be able to keep it.
Bankruptcy will last forever!
As we said in the introduction bankruptcy is often the quickest and cheapest way to get rid of problem debt.
Most bankrupts are discharged after a period of 12 months (although many have to continue to pay surplus income into the bankruptcy for a further two years).
Bankruptcy uk is listed on your credit file for six years and may restrict any credit products available to you during this period. Most modern mortgage application forms ask specifically if you have ever been bankrupt.
I need an accountant to go bankrupt?
If you’re self-employed an accountant may be able to offer some advice but most advice can be taken from any specialist Help with bankruptcy service provider in the uk
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