When faced with serious financial difficulties, the debtor may have various options suggested to him by friends, family or other colleagues in whom he may have confided. Or it may be that his bank manager, one or more of his creditors or his business colleagues suggest what he should do, again assuming that they are aware of his financial circumstances. As in any important decision making process, it’s best to avoid plumping for what might seem an attractive solution at first and the well-meaning but sometimes erroneous advice of friends or colleagues. Continue reading
Major changes have been announced in the Insolvency regime in England and Wales so as to make access to a Debt Relief Order much easier for people struggling with debt, particularly a certain category of insolvent debtors who were caught in a dilemma whereby they did not qualify for a Debt Relief Order and neither could they afford to pay the costs of bankruptcy. Hence the contradictory term: ‘too poor to go bankrupt’. Continue reading
If you find yourself deep in debt, there are seven main options which you can consider to address your predicament. In England, Wales and Northern Ireland, about 98% of people who decide to do something about their personal debt problems opt for one of these seven courses of action. Which solution appeals to you? Which solution are you eligible to go for? See if your circumstances match any of them.
Justice Minister Alan Shatter recently circulated the specifics of the Civil Law (Miscellaneous Provisions) Bill which will provide the outcome of decreasing the term of bankruptcy in Ireland. Bankrupts according to the proposed new legislation will ‘enjoy’ guaranteed release from bankruptcy after twelve years but will be legally permitted to submit an application for release from bankruptcy after five years.
Plenty of people have private day-to-day money worries. Many people wish to do something relating to them, essentially to get them to disappear. There are many approaches to situations of individual indebtedness to choose from. The thing is when and where to commence. We want to fully grasp how serious our problems are and score our predicament on a scale of one to ten. A score of one could be a status of being prosperous and comfortable with ten being in a condition of ‘hopeless’ individual indebtedness. However of course that there’s always hope! Especially in the UK where enlightened laws and the ‘fresh start’ strategy for personal debt is offering more than just hope. There are attractive alternative options that the fiscally burdened person can certainly carry out, no matter what the severity of personal insolvency. Continue reading