Bankruptcy Explained

Is Bankruptcy the Right Choice?

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Bankruptcy Courts in and around Llandrindod Wells

Welshpool and Newtown County Court

Welshpool and Newtown County Court
The Mansion House
24 Severn Street
Welshpool
Powys
SY21 7UX

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Llandrindod Wells Bankruptcy Help

Filing for bankruptcy can be very beneficial choice for some, and a terribly devasting one for others. Obtaining the protection of a bankruptcy order is a civil right that you can enforce when your level of debt has become so unmanageable, and the prospect of you repaying it so impossible, that it is the only reasonable course of action.

There is an alternative called an IVA, which is arguably a much more suitable choice if you have a property (that’s in equity) that you want to keep, or vehicles worth more than £2,500. Unlike bankruptcy an IVA protects your assets, and is a contract between you and your creditors agreeing upon monthly instalments for a period of 5 years.

When facing insolvency it is worth considering both options, but whichever you choose, they both adversely affect your credit rating in the same way and they both provide a way to lift the burden of debt.

You can speak to a qualified insolvency expert for unbiased advice, with no-obligation, by completing the form on the right.

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