what do i have to give...?

oldspice · Joined: 18 Jun 2007 Posts: 1

Please help!

i am considering going bankrupt. I have a good job with a regular income but i have no assets, no property...nothing to give to my creditors!!!

I do not fancy going bankrupt but if i don't have to pay anything back then why not!

can you confirm that this will be the case....?

cheers..............Oldspice x

Maya · Joined: 19 Jun 2007 Posts: 4

Hi Oldspice,

Bankruptcy could be an option for you, however, you need to be prepared that any income you have in excess of that needed for your basic needs will have to be paid to your creditors.

What is you occupation, because certain trades and professions will not allow you to work when you are bankrupt?

If you do decide that bankruptcy is the best option for you, you should be aware that your bankruptcy will be advertised in newspapers.

Depending on your circumstances, bankruptcy could allow you to be debt free in 1 year. However, your credit rating will be affected and will probably be for some time after your bankruptcy finishes.

If you owe more than £15k you may be viable for an IVA, which is an alternative to bankruptcy. An IVA is not publicised in the local newspapers and your professional status is not at risk. Furthermore, your IVA proposal is dealt with by a licensed insolvency practitioner ensuring that the best and most appropriate deal is put before your creditors.

In order for me to point you in the right direction, I would advise you to visit our website and complete the IVA Application and upon your information being submitted, an advisor will contact you to discuss the options available to you.

In the meantime please contact me on freephone number 08000 192095 should you wish to discuss in more detial.

Regards

Maya
Personal Insolvency Advisor