Why should you file for bankruptcy
Advice
You should consider bankruptcy as an option if your financial situation is so grave that your perception is that there's little chance of ever being debt-free. If you choose to pursue bankruptcy as an option, there is a high possibility that you will lose the majority of your assets, including your home and car. Other debt solutions should be considered and explored before settling on bankruptcy. It is important to note that bankruptcy does not equate to being completely debt-free. Debts such as court fines and student loans will not be "written off".
A bankruptcy order can be made for one of three reasons:
- You cannot pay what you owe and want to declare yourself bankrupt;
- Your creditors (the people or companies you owe money to) apply to make you bankrupt because you owe them £5000 or more; or
- An insolvency practitioner makes you bankrupt because you have broken the terms of an individual voluntary agreement (IVA).
How we can help
Lestons can assist you to design a solution to your debts, we can, if instructed appoint one of our excellent third-party independent financial advisors who can look at the situation and advise whether going bankrupt is your best option. Please note we make no commission from these referrals but do need clients to open a case so that we can prepare a financial brief for them. To gain our assistance you need to open a case, this is done by simply clicking on the link at the top of the page, you will then need to deposit a sum equal to one hour’s usage, upon receipt of these funds you will be assigned your personal caseworker who will telephone you to discuss the matter and make suggestions on how to proceed.
Please note your caseworker can only give generic advice, their role is to prepare your details for handling by our appointed financial advisor and to act as your point of contact, they will also issue you with your Password and PIN, these will be needed to log onto your client dashboard. From your dashboard you will be able to manage and view every aspect of your case, upload documents, images, files etc.