Bankruptcy advice

Sometimes Bankruptcy is the right solution If your debts have become unmanageable and you cannot see how things will ever improve, contact Gemstone for expert advice. Bankruptcy is one way of dealing with your debts and we can provide the advice and service that you will need to complete the process.

We know that many people worry about bankruptcy, which is why our range of services include attending court with you and support before, during and after bankruptcy.

Bankruptcy can remove the anxiety of being in debt and give you a fresh start, subject to some restrictions. You will no longer have to deal with any of your creditors and you will usually be discharged within 12 months of the bankruptcy order, with your debts being written off. However some debts are excluded, such as any secured and student loans. Declaring yourself bankrupt may not necessarily mean that you will lose all of your personal belongings, in fact you will be allowed to keep your general household items, and in some cases even your car and home.

Bankruptcy should be considered as the last resort for people in serious debt, as it can have serious implications. Your assets may have to be sold and shared out evenly amongst your creditors and you could even lose your job. You may be subject to an Income Payments Order and have to pay some of your disposable income to the trustee of your bankruptcy for three years. This will be divided evenly amongst your creditors. You may find it difficult to get a new bank account as most banks do not offer a facility for bankrupts. You will also be unlikely to gain further credit for six years, possibly even longer.

Every case is of course different and bankruptcy may not be the right option for you. Please give us a call to discuss your situation and find out whether it could be the best solution for you.

 
To get more Bankruptcy advice visit Debt Solutions.