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Bankruptcy

There are a number of different ways that people file for personal bankruptcy, but it is most usually under chapter seven. Your filing has to be approved by a judge before you can actually file. If the judge agrees then the next step is to find a solicitor to help you fill out all of the necessary paper work.

If you own your home then it and all your belongings will be put in the hands of a trustee who then puts it up for auction and the proceeds used to pay off your debts. Depending on the judge you get, he or she may decide that there are some debts that can be written off. Non-dischargeable debts such as council and income tax, child maintenance and student loans have to be paid off even if the cost is not covered by the proceeds from the auction.
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You should always take everything into careful consideration before you file for bankruptcy. Bankruptcy can affect your life for several years after you have filed. As a bankrupt you won´t be allowed a bank account until you have been discharged, which used to be for seven years but is now three, and sometimes as little as one year. Bankruptcy will affect your credit history for some time to come and you will not be allowed to take a post as a company director for a certain period of time following the bankruptcy proceedings.

If you have been bankrupted then you may find that even after discharge, most companies will be reluctant to lend you any money. If you do manage to get a loan to pay off any debts that were not covered or discharged, then you could find that you will have to pay the highest rate of interest. You may find that it is hard to get a bank account reinstated once you have been bankrupted and it will probably be impossible for you to get a credit card.

You should always see bankruptcy as the very last result for dealing with your debts. Don´t think that becoming bankrupt will relieve you of the necessity of paying your debts for this is not the case. Judges come down hard on anyone who they think is taking their financial responsibility lightly. It is always better to get financial advice about other ways of handling your debt before you file for bankruptcy.

Both the Citizen´s Advice Bureau and the Consumer Credit Counselling service offer help and advice to anyone who is struggling with debt problems. You may find that a debt management plan is more appropriate to your needs than filing for bankruptcy. Going bankrupt really should be a last resort, not the first thing you think of.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. ALL LOANS SUBJECT TO STATUS. BY TAKING OUT A CONSOLIDATED LOAN, THE REPAYMENT PERIOD IS USUALLY EXTENDED TO REDUCE THE MONTHLY REPAYMENTS AND THAT CAN INCREASE THE TOTAL COST OF THE LOAN.