Bankruptcy advice is usually available from bankruptcy attorneys or lawyers. A number of websites also offer advice or suggestions on bankruptcy. The advice helps people decide whether to file for bankruptcy or to use other alternatives.
Bankruptcy Advice Information
Bankruptcy is a situation, in which a person is unable to pay his debts when they are due for payment. Bankruptcy law firms and attorneys offer bankruptcy advice to their clients. Bankruptcy advice helps the debtors find a solution to their financial difficulties. They may choose to file for bankruptcy or look to other options or alternatives.
Bankruptcy is regarded as a useful option in cases of individual insolvency. Generally, the bankruptcy discharge periods range from less than one year to one year.
Fundamentals of Bankruptcy Advice
The following are fundamentals of bankruptcy advice:
Bankruptcy is a matter of concern for the debtor.
Bankruptcy may result in the loss of the debtor’s house, if there is equity in the house.
Bankruptcy may result in a person being compelled to function as the director of a limited company.
There have been various amendments in the bankruptcy law.
If a person is declared bankrupt, he may have to face legal proceedings.
There are numerous myths about bankruptcy.
For example, that a bankrupt person may be imprisoned. This is usually not the case.
Bankruptcy is often a difficult and highly emotional situation, so it is crucial to find an alternative solution.
Searching for useful advice on bankruptcy is difficult. Also, clients must be cautious about firms charging a high amount for fees.
Alternatives to Bankruptcy
The following are alternatives to bankruptcy:
Debt Management Programs
IVA or Individual Voluntary Arrangements (Valid in the United Kingdom)
Last Updated on : 10th July 2013