Bankruptcy - friend of foe?

This is really an extremely difficult question to answer. When the Bankruptcy Act was first instituted in 1571 originally only traders and craftsmen could be declared Bankrupt. This in itself seemed quite unfair as anybody else who did not fall into this category were thrown into the debtors prison. This was until statute changed in 1861, when it covered everybody. Even to this day I am unsure as to why the Bankruptcy Act was first introduced. I'm assuming it was aimed at traders and craftsmen, so that it encouraged entrepreneurs to build up their businesses. You can understand the reasoning behind the logic. I mean, in order to proceed in ...  Read the complete review

Bankruptcy is a hard and an ever more realistic fact that a lot of unsuspecting people are having to face in this time of global recession. I for one am one of these people, I never thought it would come to this stage and tried my best to fight it with payment plans through a company designed to help people in trouble financially. For a time it worked and then things just went from bad to worse,my husband was made redundant and could not get a job no matter how hard he tried so finally through no fault( well very little anyway )of our own we had to go down the route of bankruptcy. The advice we were given through Citizens Advice was to do just that. We had ...  Read the complete review

The process of bankruptcy is a complex one. I am going to try and explain it the best I can. Firstly, what is bankruptcy? Bankruptcy is an option for people who are unable to pay their debts. Bankruptcy will leave you free from overwhelming debts, and make sure your assets are shared out fairly between your creditors. There are three ways that you can become bankrupt: Voluntarily (you declare bankruptcy), involuntarily (by the people you owe money to) or by the supervisor or anyone bound by an IVA (explained later as an alternative to Bankruptcy). If you are declare bankrupt it can affect what you can and can not do financially. On a personal ...  Read the complete review

I understand what you went through and can empathise I was discharged from bankruptcy on 9 March 2008 after the usual 1 year. The strain of owing so much money got too much for me and I had to do it. I did alot of research into it before I went down that road but it was my only option. I always tell people I'm not proud of myself for getting into this much debt and having to get out of it this way but at least in facing up to the problem I can face it head on and deal with it - for 4 years I was stressed out too much with it - my health was affected. If im honest the debt was partly due to having just to 'live' after entering the 'real world' after ...  Read the complete review

This account only covers personal bankruptcy. I do not know anything about business bankruptcy and will not be able to comment on it. A couple of years ago everything in my life was on the up. I had a great job with a brilliant take home pay, a car and was going on holiday a couple of times a year. Then things changed. I was made redundant due to restructuring in the company and my position was suddenly not there any more. I had not been with the company long so I wasn't eligible for redundancy pay. Suddenly there was no job, no regular income. But I still had to pay rent, credit cards bills, loan repayments and so on. Finding work was harder than I thought ...  Read the complete review