Bankruptcy is viewed as a last resort, the only way to evade the constant demands for payment from creditors, debt collectors/credit companies, etc. for unsecured debt. However, we believe that bankruptcy is a simple option today, and there are specialists in this field.
The most important factors to consider are your home (if you own it or have a mortgage) and any assets (such as a car worth more than £1,500 to £2,000 at auction) that are out of line with normal living standards, as well as any extra income you may have after standard guidelines on expenditures have been applied.
This means that, for the average person, no one will visit your home, no Debt Collectors or Bailiffs will remove goods, phone calls will cease, and once a Creditor/Collector has been notified that you have been declared insolvent, no form of harassment is permitted, as it is against the law.
Many in the industry (Creditors and some Debt Management and Insolvency Companies) consider the restrictions imposed upon an insolvent individual to be onerous! Worst act you could possibly do! The worst choice you could possibly make! They will remove all of your possessions! Your name will appear in the local newspaper! etc. etc. etc.
NOW THE TRUTH - IT'S NOT! And don't let anyone instill god-fear in you!
While insolvent, you cannot serve as a member of Congress, a lawyer, or an accountant, and you cannot serve as a company director (you may do so once discharged). Where then is the fear? How many individuals fall into the aforementioned categories?
Who can go bankrupt?
If a person's debts exceed £5,000, he or she can declare bankruptcy. However, you must first ensure that your employment is secure in certain fields, such as being a lawyer, accountant, or member of the financial services industry.
Risk associated with your Current Assets.
In bankruptcy, your assets (property, stocks, and anything else of actual value) can be sold to pay off your creditors. However, there is once more a dread that everything will be taken. There is a very high chance that you can keep your home even if you have negative equity or none at all, and even having £5,000 to £10,000 of equity does not guarantee that you will lose your home. If you don't own any assets, filing for bankruptcy is a more prudent option, but if you have assets and are concerned, a professional advisor will have many answers to your concerns.
" - https://www.affordablecebu.com/
