In most instances, the debt payment process tends to become cumbersome for the majority of individuals. There must be infallible reasons behind not paying the debt, within the given time frame, and unstable financial circumstances always remain at the top.
However, people who have racked up more debt than they can actually repay, sometimes ponder upon whether they should opt for bankruptcy or not. So, before going for a bankruptcy register, you should always take advice from the debt-solution providers beforehand.
Because you might even have to face certain consequences of taking bankruptcy into account. With the help of a fault-free and quick bankruptcy process, you can repair and rebuild the financial situation.
Imagine a scenario, where you are unable to get out of the debt trap, even after investing a large number of resources for paying it. It might be a dreadful experience, isn’t it? Thus, in such situations, an immediate bankruptcy order will be suitable. And, Debt Advice Help is always there to guide you during the Bankruptcy process.
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What is Bankruptcy Order?
Before applying for a bankruptcy order, you should first know what it generally means. Technically, when an individual has borrowed a lump sum of money that he is unable to pay, then a bankruptcy order is the ultimate solution.
With the implementation of the bankruptcy process, the debt-payers are assured that their possessions are only shared with the ones to whom they owe the money. Along with that, you can lead a debt-free and stress-free life after applying for a bankruptcy order.
Additionally, when you are applying for bankruptcy, a creditor can request the court authorities to make you bankrupt. But, there are a few circumstances, based on that they can opt for this action, and a high debt amount, such as £5,000 is one of them. However, when the bankruptcy order is issued by the debtors, it can provide them with a plethora of benefits.
Reasons to Register for a Bankruptcy Order
Borrowing money from someone in your crisis situation is not considered to be illicit work, but not paying it obviously is. If you are unable to pay the debt, your creditor might even contact a debt-collection company to forcefully collect the debt.
And, some of these agencies hold the legal right to take you to the court when you won’t repay their money within the fixed deadline. So, when there are no possibilities to recover from the financial situation, you should definitely opt for making a bankruptcy registration straight away.
After applying for a bankruptcy order, the entire process will be handled by an experienced “adjudicator” who is associated with the Insolvency Service. But, before applying for a Bankruptcy order with our assistance, gather the required information; it’s important.
This includes information about your current income, overall expenditure, and the amount and the number of the debts you owe. For which, you have to attach wage slips, pension statements, electricity, credit card, and council tax bills. Don’t forget to submit the letters from bailiffs or enforcement agents, if any.
Need help from an eligible and skilled debt advisor? Consider hiring our experts, we have successfully helped thousands of customers when it comes to filing for a bankruptcy application.
Steps to Register for a Bankruptcy Order
When an individual opts for a bankruptcy registration, it simply implies that he is not in a position to serve his debt obligations. So, the status of being “bankrupt” mainly aids in relieving the debtors from the legal restrictions of continuously paying debts to the creditors.
If you are already determined to apply for a bankruptcy UK order, then here are a few steps that need to be taken into consideration:
- Bankruptcy is a legally-acquired status and without taking court approval you can’t proceed further. So, as a debt-payer, you have to keep the required money-related documentation as evidence. And, in bankruptcy, this evidence will be in the form of assets and liabilities that one holds.
- However, it’s impossible to carry out the entire bankruptcy process single-handedly. Simply, get in touch with our veteran professionals — we are ready to assist you. Our team of debt advisors will check the documentation, and if anything else needs to be added, we will inform you that as well.
- After checking the details, we will explore the possibilities that you might acquire after issuing a bankruptcy order. Even, with our guidance, you can file a petition under the Provincial Insolvency Act to overcome the continuous hounding of creditors.
Advantages of Getting Under the Bankruptcy Order
Getting bankrupt won’t provide a desirable condition, but it seems to be profitable at times. After losing all the funds, you might start to lose your self-confidence and sense of direction, but you can surely come back with methodical planning in the end. And, there are a few advantages that come along with a Bankruptcy Order, here we are compiling some of them:
- After registering a bankruptcy UK order, an individual has the right to keep certain items, especially the “exempt goods”. This includes the household essentials, tools, and equipment that are required for your organizational work. Additionally, if you own a car and use it for organizational purposes, then also it can’t be seized.
- You can keep a reasonable amount of money from your monthly wages, for your sustainability.
- If your only source of income comes from welfare benefits, then you don’t have to further make the debt payment. But, when you have an adequate amount of income, you have to continue paying the debt for 3 consecutive years.
- Additionally, the creditors can’t further take the court action in order to take away the money when you are under a bankruptcy order.
- You no longer have to pay back the debts that bankruptcy UK covers. This includes overdrafts, store cards, credit cards, catalogues, utility arrears, and benefit overpayments as well.
If you forget to include the list of the debts you owe, leave that to us. Simply, contact us and the rest assured by our experienced team of debt-solution providers. It will be always a wise decision to deal with the Bankruptcy Order, with the help of professionals to avoid further inconvenience or delay in the process.
How Can We Help?
Debt Advice Help is one of the largest and top-rated debt-advice companies. We became a reputable name owing to our professional approachability. Moreover, we have acquired immense recognition for helping the debtors in their time of need.
Our professional team has wide experience with the processes required for issuing a bankruptcy order. We will help you to get the bankruptcy form, and even help you to get an account, to create a new application form.
Right after that, our expert team will help you with the details that need to be submitted during the process. And, after that, we will hand over the bankruptcy process to a veteran official receiver.
Within 2 weeks, we will inform you what else needs to be followed after the approval of the bankruptcy order. But, if within these two weeks, financial improvements take place, let us know. We will pass on the financial details and even the list of the assets you own to the official receiver this will help you in the future.
The Best Debt Advisors are Just a Call Away!
No doubt, bankruptcy might help you to become debt-free within just a few weeks. But, it might not be suitable for everyone. So, simply contact our customer support team and get a clear insight into this bankruptcy process.
We feel extremely overwhelmed by helping the debtors with the required information about the different types of debt solutions. So, before you decide, don’t hesitate to call us now.