Is Bankruptcy an Option?

With experts predicting a rise in bankruptcies during 2010 we take a look at whether this is an option worth considering.

Recent research by the Samaritans showed that almost half the population were concerned about money or debt throughout 2009. With personal debt now standing at a staggering £1.456bn the news really comes with little surprise.

Experts firmly believe that the next 18 months will see a steady increase in the number of personal and business bankruptcies, so is it really an option worth considering? Certainly the stigma that was attached to bankruptcy for many years appears to be lifting. Bankruptcy today has become a logical, legal and beneficial tool for many people to use to remedy a difficult and problematic bad debt situation. That said, it is not the easy option as there can be some major drawbacks. If you find yourself in dire financial straits however, then maybe bankruptcy is worth considering.

Certainly the need for proper advice is important if you are considering bankruptcy as there may be alternatives open to you. Brooks & Partners are able to advise and assist in these respects and work with a prominent debt management company whose consultants are available to discuss bankruptcy and other options with you. If this is relevant to you and/or you wish to obtain further information please contact Vickie Lennard or Michael Brooks on 01276 681219 or by e-mail: vickie.lennard@brooks-partners.co.uk or michael@brooks-partners.co.uk