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   Avoiding Bankruptcy

Get a Mortgage Quote It is estimated that mortgage arrears, bad debts, credit problems, and CCJs will mean that one in four people will find it difficult to obtain a mortgage or remortgage from a traditional high-street lender.

Bankruptcy is something you should try to avoid at all costs. If you are declared bankrupt, the consequences can be far-reaching and may lead to the loss of your home, a feeling of humiliation, and ongoing problems obtaining credit in the future.

A bankruptcy is always advertised, both in the London Gazette and the local papers in your area. In addition your bank, building society, creditors, landlord, mortgage lender, and anyone else with whom you have a financial connection will be notified immediately.

You may lose your home if the Official Receiver or trustee decides to sell it to clear your debts.

A bankrupt person is not allowed to run a business, so any business or company you run will have to be shut down as soon as you are declared bankrupt.

Your bank accounts will have to be closed and any goods you have on hire purchase, such as a car, will have to be returned.

In addition, any assets that you acquire during the time you are bankrupt can be taken away.

Depending on your profession, you may lose your job as a result of being declared bankrupt and/or be barred from membership of certain professional associations or trade bodies.

Even once you have been discharged from bankruptcy, your ability to obtain a mortgage or get other forms of loans or credit may be affected for several years.

If you own your own home and have sufficient equity in the property, then there is a good chance that you can avoid bankruptcy by arranging a remortgage to pay off your creditors and clear your outstanding debts.

But you will need to act quickly and get some help from a specialist in this field. By filling in our confidential no-obligation enquiry form, you can contact a qualified mortgage consultant who will do everything they can to help you keep your home and avoid bankruptcy.


 

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