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counseling and burden of loans etc. it is better that you plan your payments. This has become all the more important after the minimum payment for credit cards has increased.
However while seeking bankruptcy advice you should ensure that the advice is specific to your situation. Deciding where to go and what to do is another big issue like bankruptcy itself. But the fact is that a large number of individuals and businesses do not need to enter into a formal bankruptcy.
The usual time for a bankrupt to automatically be discharged is two years if it is the first time that you have gone bankrupt and unsecured creditors are less than £ 20,000 and three years if unsecured creditors are in excess of £ 20,000.
The main objective of bankruptcy is to convert your belongings or assets, and any salary you receive into lump sum and installment payments for creditors. The purpose of a debtor applying for his own bankruptcy is to form a moratorium (group of creditors) to have consent on partial repayment of all outstanding debts, and when the agreed repayment has been met, to have a ‘clean slate’.
If you have your own house then you would be lucky enough to keep it. All essential household commodities but not TV’s, video recorders, computers can be kept.
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Mansi Gupta
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