Posts Categorized: Bankruptcy

Bankruptcy Not A Quick Fix To Personal Debt

For people with no realistic chance of repaying their debts, bankruptcy may seem to be the only viable options to get out of debt. In fact some people will rack up huge sums of debt with no intention of ever paying back their debt with the sole intention of going bankrupt. They may see the… Read more »

Are Bankruptcies In The UK In Decline ?

With alternative methods to dealing with debt problems such as Debt Relief Orders (introduced in 2009), the number of bankruptcies has slumped to its lowest number in more than 10 years with 6,469 bankruptcy orders made in the second quarter of this year which is down from 8,093 a year ago. Debt Relieft Orders (DROs)… Read more »

What Is Sequestration

Sequestration is the act of a creditor or financial institution seizing personal property in Scotland in order to pay off debt owed by a person. Sequestration is derived from the Latin term sequestrare which means to surrender or set aside. In Scotland, sequestration is the term used for bankruptcy in most other countries. Process A… Read more »

Going Bankrupt: What’s It Really Like?

Declaring yourself bankrupt is an extremely difficult decision to make, but it is sometimes necessary if you find yourself overwhelmed with debt that you cannot pay. Bankruptcy is often a topic prickling with stigma, but some people may not be aware what is actually involved when you must consider having to file for bankruptcy. Building… Read more »

How To Handle County Court Judgements (CCJs)

Many people fear receiving a letter from the county court in which it claims they owe someone money. If this happens, it is up to the county courts to decide whether or not you have to pay and if you do, how you should go about repaying it. The following will outline how a claims… Read more »

Some Effective Finance Tips To Help Prevent Bankruptcy

Filing for bankruptcy is usually viewed as the quickest and easiest way to get rid of debt but while it may discharge most debts, it doesn’t let go of your entire debt burden and thereby make you debt free. Bankruptcy can certainly help you give a fresh financial start but are you aware of the… Read more »

Checklist: Filing For Bankruptcy

In the United Kingdom, there are three different laws for bankruptcy. One bankruptcy system is for Northern Ireland, another is for Scotland, and the last is for England and Wales. Bankruptcy in Scotland is referred to as Sequestration, and the organization that is responsible for overseeing the process is called the Accountant in Bankruptcy. Bankruptcy… Read more »

Low Income Low Assets (LILA)

Low Income Low Assets, in short known as LILA is a solution for people struggling with bankruptcy. If you are having a low income and only few assets to help you with the repayment, then LILA is able to come out with a solution for you. Let’s see, what this Low Income Low Assets can… Read more »

Can I Keep My House During Bankruptcy?

Although there are various costs associated with filing for bankruptcy, the biggest concern for many is whether or not they will lose their house. While losing your home depends entirely on the circumstances of the bankruptcy there are a number of things you must consider in order to best determine whether or not you will… Read more »

Can Bankruptcy Improve My Credit Rating ?

When you file for bankruptcy, information on your bankruptcy stays on file for up to six years. On top of that, bankruptcy restrictions can apply to you for upwards of fifteen years. When credit lenders see these marks on your record, you will be marked down on your credit score. The reason this happens is… Read more »