Find out if going bankrupt is right for you by calling our expert debt advisors now, for free and confidential advice. Get the facts and find out if bankruptcy is the best solution to clear your current problems.
We provide free expert advice on bankruptcy and insolvency across the US as a proven solution that can solve your financial problems.
Bankruptcy is a straightforward legal process designed to help people with serious financial problems write off the money they owe that would normally take many years to pay back. You should only consider going bankrupt as a solution where you genuinely feel you will never be able to clear your debts.
Bankruptcy – 16 must knows
Going BANKRUPT – get the FACTS
- If you are a US resident you can petition to be declared bankrupt
- In order to become bankrupt a court has to agree to it and issue a bankruptcy order against you
- You may be interviewed by the official receiver about your situation
- You will normally be discharged from bankruptcy after a year
- When the bankruptcy is over the money you owe is usually written off and this may be after just a year
- Creditors can’t chase you or harass you for money if you’re bankrupt
- You are allowed to keep certain possessions and a reasonable amount to live on
- Being bankrupt imposes serious restrictions
- You must pass control of your assets to the official receiver / trustee
- You may lose your home
- The bankruptcy details are entered on the Insolvency Register
- Bankruptcy is recorded on your credit file for six years
- Depending on your financial circumstances you may have to make a regular contribution to your creditors for up to three years
- You have to pay the courts costs and fees which can be up to about $700
- Some professions don’t allow people made bankrupt to continue working
- A bankruptcy petition order can be made against you if you don’t cooperate and abide by the terms
Do I qualify for bankruptcy?
There are actually no set criteria to qualify for going bankrupt in the US other than the fact that you should be insolvent which basically means that you can’t pay your debts when they are due. Many people can fall into this category however the main question is to find out if going bankrupt is the right option for you.
The bankruptcy procedures are different depending on which state of the US you live in and you need to be aware of the specific legislation that applies to your area of residency.
Bankruptcy Tips and Advice
- Get the facts before you decide
If you are considering going bankrupt as a solution to your financial difficulties then you need to make sure you get all the facts. It’s a big decision and so it’s important that you decide on the best solution for you and in particular choose the one that suits your own personal circumstances.
Our specialist advisors are dealing with people every day who are considering going bankrupt and it’s not always the best solution. You must take full account of the disadvantages as well as the advantages before making a decision. There are many other debt solutions available that may suit you better.
Take action now and make use of our free advice on going bankrupt and find out if it really is right for you. If it is we can help and guide you through the whole process.
- Bankruptcy is not a bad word
It’s a fact of modern life that many people for a wide variety of reasons can find themselves with serious financial problems that need a formal solution which puts an end to the problem.
This is the case with thousands of people across the US every year and bankruptcy provides a straightforward legal process to remove your financial problems and make a fresh start.