Bankruptcy- A last resort
May 17, 2009 by
Filed under Bankruptcy
Bankruptcy
Don’t consider making yourself bankrupt unless you have explored every other option. The repercussions will stay with you for a long time.
Before you consider it think about the following options:-
- Negotiate with your creditors and offer to pay a small sum off each amount you owe
- If you can’t cope alone ask for help from a debt charity such as CCCS. They will negotiate on your behalf and its free. They will come up with a debt management plan for you.
- The next step is to consider and IVA or individual voluntary arrangement. This is by no means ideal. You will pay a fee for this to a debt management company and it will cost you money you can probably ill afford. It may give you peace of mind however to know that someone else is negotiating he debt for you.
- It you can’t afford to pay anything towards the debt and you have had the agreemenets audited to see if they are unenforceable and they are not only then consider going bankcrupt.