have got financial problems and am considering it,want to know how it will effect me
2007-03-07 04:10:37 · 6 answers · asked by gulz 1 in Society & Culture ➔ Cultures & Groups ➔ Other - Cultures & Groups
You really need to speak to a proffesional about this. Bankrupcy isn't for everyone, speak to someone who can help.
Please get in touch with one of the following agencies:
National Debtline
Tel: 0808 808 4000,
Email: advice@nationaldebtline.co.uk
Web: http://www.nationaldebtline.co.uk
National Debtline provide expert advice and send callers in debt a self help information pack free of charge.
Consumer Credit Counselling Service
Tel: 0800 138 1111
Email cccs@cccs.co.uk
Web: http://www.cccs.co.uk
CCCS can provide debt management plans which include debt repayment schedules and advice on all aspects of money management.
There is more advice and links to lots of agencies that can help at Support line.
Web: http://www.supportline.org.uk/problems/debt.php
There is a FAQ guide at The Insolvency Serive that will answer a lot of your basic questions about how it will affect you.
Web: http://www.insolvency.gov.uk/bankruptcy/whatisbankruptcy.htm
2007-03-07 04:14:32 · answer #1 · answered by Anonymous · 1⤊ 0⤋
The previous answers offer good advice. I'd ad that a) not only is bankruptcy much harder to get now (due to changes in the law), but even if you DO get it, many creditors will still harass you, claiming that the money you owed THEM "doesn't apply" or "Isn't discharged." You need a lawyer who will deal with these people effectively. long after the bankruptcy has gone through. Also, student loans are almost never "dischargable", so if that's part of your debt, bankruptcy might not solve it.
I'd take the step of credit counseling first (with a non-profit organization, NOT a company...as they can just end up costing you money, too!). Good luck.
2007-03-07 04:23:19 · answer #2 · answered by Gwynneth Of Olwen 6 · 0⤊ 0⤋
you will have to wait 7 yrs before you can get credit again....its worth considering but it wont be cheap Costs about $2 grand for the lawyer..
2007-03-07 04:15:05 · answer #3 · answered by Anonymous · 0⤊ 0⤋
depends how bad your debts are i would try and come to some sort of arrangement with your creditors to pay back in small amounts if you go bankrupt it will affect you no credit will you get and your name is blacklisted its a hard one take advice
2007-03-07 04:21:24 · answer #4 · answered by Anonymous · 0⤊ 0⤋
No, it leaves you really skint mate!
2007-03-07 05:59:18 · answer #5 · answered by chaz_honor 2 · 0⤊ 0⤋
DON'T my mother did and it has been h*ll ever since.
2007-03-10 16:55:02 · answer #6 · answered by bookworm87 4 · 0⤊ 1⤋