So you may be thinking of going bankrupt and feel like you are the only one with real money problems. The truth is there are thousands of people who are struggling financially in the UK, its just that most people like to keep their financial problems to themselves. The fact is there are thousands of people going bankrupt in the UK each year and this figure is continuing to rise.
People from all walks of life can unexpectedly enter financial problems for a vast array of reasons from over committing themselves financially to perhaps a business venture that went wrong. You may think that only the poor go bankrupt but the reality is that people with healthy incomes can also find themselves in trouble. Shane Filan from the irish band Westlife is probably one of the biggest names this year to have gone bankrupt. He is reported to have owed £18 million. Even though he is still on a good income it was likely that he was advised that it would take a very long time or even over a life time to repay his debt sand bankruptcy was his only solution.
Other notable stars (and i use the term ‘stars’ loosely) are Kerry Katona, Sarah Ferguson, Michael Barrymore, Colin Hendry and Bez from the Happy Mondays who have all gone bankrupt. Their reasons for bankruptcy can be attributed to poor financial planning, wasting away money or by simply spending money they didn’t really have. It may have been a venture that didnt work out due to circumstances beyond their control. The good news is they all now have had their debts cleared and are hopefully back in the red again having a tighter control of their money.
It is important to recognise early on that you are struggling with debt and to address the situation as soon as you can. Even though these celebrities have now been cleared of debt they will still have had bankruptcy restrictions in place on their finances and wont have free reigns on their own personal finances for the next few years.
If you require assistance or just want more information about bankruptcy the please visit the Bankruptcy Clinic