{"id":20951,"date":"2022-05-24T08:13:53","date_gmt":"2022-05-24T07:13:53","guid":{"rendered":"https:\/\/helpandadvice.co.uk\/?p=20951"},"modified":"2023-08-27T20:50:09","modified_gmt":"2023-08-27T19:50:09","slug":"advantages-of-bankruptcy","status":"publish","type":"post","link":"https:\/\/helpandadvice.co.uk\/advantages-of-bankruptcy\/","title":{"rendered":"Advantages Of Bankruptcy"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"20951\" class=\"elementor elementor-20951\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6181a7fe elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6181a7fe\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-73b07eb5\" data-id=\"73b07eb5\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-69857e9e elementor-widget elementor-widget-image\" data-id=\"69857e9e\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.21.0 - 24-04-2024 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t<picture><source srcset=\"https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2022\/05\/Untitled-design-7-1.webp 1200w,https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2022\/05\/Untitled-design-7-1-300x113.webp 300w,https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2022\/05\/Untitled-design-7-1-1024x384.webp 1024w,https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2022\/05\/Untitled-design-7-1-768x288.webp 768w\"sizes=\"(max-width: 1200px) 100vw, 1200px\" type=\"image\/webp\"><img src=\"https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2022\/05\/Untitled-design-7-1.png\" alt=\"Advantages of bankruptcy\" height=\"450\" width=\"1200\" srcset=\"https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2022\/05\/Untitled-design-7-1.png 1200w, https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2022\/05\/Untitled-design-7-1-300x113.png 300w, https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2022\/05\/Untitled-design-7-1-1024x384.png 1024w, https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2022\/05\/Untitled-design-7-1-768x288.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" class=\"attachment-full size-full wp-image-20972 sp-no-webp\" fetchpriority=\"high\" decoding=\"async\"  > <\/picture>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6fa53eb elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6fa53eb\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-27f37bde\" data-id=\"27f37bde\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-457ba6f1 elementor-widget elementor-widget-text-editor\" data-id=\"457ba6f1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.21.0 - 24-04-2024 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p style=\"text-align: left;\"><span style=\"color: #000000;\"><strong>May 2024<\/strong><\/span><\/p>\n<h1 style=\"text-align: center;\">Advantages Of Bankruptcy In 2024<\/h1>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-1f6ec7e9 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1f6ec7e9\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-54af5cf6\" data-id=\"54af5cf6\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6be4105c elementor-widget elementor-widget-text-editor\" data-id=\"6be4105c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Bankruptcy is a legal process that allows people or businesses to restructure or discharge their debts. There are several reasons why someone may want to file for bankruptcy.<\/p>\n<p>Some believe it is the best option for eliminating debt after their circumstances change. In contrast, others feel that it is the only way out.<\/p>\n<p>If you have a low income and cannot repay your debts, bankruptcy may be the best alternative for you. Bankruptcy can alleviate your debt while also lowering your monthly expenditures. It can also provide you with a fresh start by enabling you to discharge your debt and rebuild your credit.<\/p>\n<p>This article will explain some of the advantages and disadvantages of a bankruptcy filing, how to declare bankruptcy and the impact it will have on your <a href=\"https:\/\/helpandadvice.co.uk\/what-credit-score-is-needed-to-rent-a-house\/\">credit score<\/a>, assets, and career.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7e1b0b54 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7e1b0b54\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-79f1bfc1\" data-id=\"79f1bfc1\" 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class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor-pro - v3.12.2 - 09-04-2023 *\/\n.elementor-widget-table-of-contents .elementor-toc__header-title{color:var(--header-color)}.elementor-widget-table-of-contents.elementor-toc--collapsed .elementor-toc__toggle-button--collapse,.elementor-widget-table-of-contents:not(.elementor-toc--collapsed) .elementor-toc__toggle-button--expand{display:none}.elementor-widget-table-of-contents .elementor-widget-container{min-height:var(--box-min-height);border:var(--box-border-width,1px) solid var(--box-border-color,#9da5ae);border-radius:var(--box-border-radius,3px);background-color:var(--box-background-color);transition:min-height .4s;overflow:hidden}.elementor-toc__header{display:flex;align-items:center;justify-content:space-between;padding:var(--box-padding,20px);background-color:var(--header-background-color);border-bottom:var(--separator-width,1px) solid 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.elementor-toc__list-item{counter-increment:item}ol.elementor-toc__list-wrapper .elementor-toc__list-item-text-wrapper:before{content:counters(item,\".\") \". \"}<\/style>\t\t<div class=\"elementor-toc__header\">\n\t\t\t<h4 class=\"elementor-toc__header-title\">\n\t\t\t\tTopics that you will find covered on this page\t\t\t<\/h4>\n\t\t\t\t\t\t\t<div class=\"elementor-toc__toggle-button elementor-toc__toggle-button--expand\"><svg class=\"e-font-icon-svg e-fas-chevron-down\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M207.029 381.476L12.686 187.132c-9.373-9.373-9.373-24.569 0-33.941l22.667-22.667c9.357-9.357 24.522-9.375 33.901-.04L224 284.505l154.745-154.021c9.379-9.335 24.544-9.317 33.901.04l22.667 22.667c9.373 9.373 9.373 24.569 0 33.941L240.971 381.476c-9.373 9.372-24.569 9.372-33.942 0z\"><\/path><\/svg><\/div>\n\t\t\t\t<div class=\"elementor-toc__toggle-button elementor-toc__toggle-button--collapse\"><svg class=\"e-font-icon-svg e-fas-chevron-up\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M240.971 130.524l194.343 194.343c9.373 9.373 9.373 24.569 0 33.941l-22.667 22.667c-9.357 9.357-24.522 9.375-33.901.04L224 227.495 69.255 381.516c-9.379 9.335-24.544 9.317-33.901-.04l-22.667-22.667c-9.373-9.373-9.373-24.569 0-33.941L207.03 130.525c9.372-9.373 24.568-9.373 33.941-.001z\"><\/path><\/svg><\/div>\n\t\t\t\t\t<\/div>\n\t\t<div class=\"elementor-toc__body\">\n\t\t\t<div class=\"elementor-toc__spinner-container\">\n\t\t\t\t<svg class=\"elementor-toc__spinner eicon-animation-spin e-font-icon-svg e-eicon-loading\" aria-hidden=\"true\" viewBox=\"0 0 1000 1000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M500 975V858C696 858 858 696 858 500S696 142 500 142 142 304 142 500H25C25 237 238 25 500 25S975 237 975 500 763 975 500 975Z\"><\/path><\/svg>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-2dca7c1\" data-id=\"2dca7c1\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-78754bf7 elementor-widget elementor-widget-text-editor\" data-id=\"78754bf7\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<span style=\"color: #000000;\">You can listen to an audio recording of this page below.<\/span>\n<iframe src=\"https:\/\/play.ht\/embed\/?article_url=https:\/\/play.ht\/drafts\/A0rTnOsV6cNAh2LJIKzXvRMuwrr2\/DSd6LI6il&#038;voice=en-GB-LibbyNeural\" scrolling=\"no\" height=\"90px\" width=\"100%\" frameborder=\"0\" allowfullscreen><\/iframe>\n<div class=\"content_hint\"><\/div>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-ab1a275 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ab1a275\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-29a18b39\" data-id=\"29a18b39\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5b83d43 elementor-widget elementor-widget-text-editor\" data-id=\"5b83d43\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h2><b>Bankruptcy advantages\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">We have set out below examples if different types of advantages to bankruptcy.<\/span><\/p>\n<h3><b>Unsecured debts<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">One of the main benefits of bankruptcies is that they can give you a fresh start. A fresh start means that all of your unsecured debt will be discharged, providing you with significant financial relief.<\/span><\/p>\n<h3><b>Creditors<\/b><\/h3>\n<p><a href=\"https:\/\/www.investopedia.com\/terms\/c\/creditor.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Creditors <\/span><\/a><span style=\"font-weight: 400;\">will be unable to take any action against you while declaring bankruptcy proceedings to recover the money they are owed, including asset seizure, among other things.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">An automatic stay will be put in place once you&#8217;ve been declared bankrupt, which may help you avoid creditor collections.<\/span><\/p>\n<p><b>Wage garnishment<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Wage garnishment is a legal process whereby a creditor can seize a portion of your wages to pay your debt.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This usually happens when you cannot make your loan or credit card payments on time. An automatic stay will be put in place, and wage garnishment will no longer be an option for those trying to collect on your debt, which will <a href=\"https:\/\/helpandadvice.co.uk\/group-income-protection\/\">protect your income<\/a>.<\/span><\/p>\n<h3><b>Debt Cancelation<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Another advantage is that it can cancel some of your debts. This is especially helpful for people who have much debt and struggle to make ends meet. Once you&#8217;ve been granted bankruptcy, most of your unsecured debts will be discharged, providing you with significant financial relief.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-2a9fd35f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2a9fd35f\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-782561b\" data-id=\"782561b\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-6d35d6ae\" data-id=\"6d35d6ae\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-61f734ab elementor-widget elementor-widget-video\" data-id=\"61f734ab\" data-element_type=\"widget\" data-settings=\"{&quot;youtube_url&quot;:&quot;https:\\\/\\\/www.youtube.com\\\/watch?v=_5GszdkeKDI&quot;,&quot;video_type&quot;:&quot;youtube&quot;,&quot;controls&quot;:&quot;yes&quot;}\" data-widget_type=\"video.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.21.0 - 24-04-2024 *\/\n.elementor-widget-video .elementor-widget-container{overflow:hidden;transform:translateZ(0)}.elementor-widget-video .elementor-wrapper{aspect-ratio:var(--video-aspect-ratio)}.elementor-widget-video .elementor-wrapper iframe,.elementor-widget-video .elementor-wrapper video{height:100%;width:100%;display:flex;border:none;background-color:#000}@supports not (aspect-ratio:1\/1){.elementor-widget-video .elementor-wrapper{position:relative;overflow:hidden;height:0;padding-bottom:calc(100% \/ var(--video-aspect-ratio))}.elementor-widget-video .elementor-wrapper iframe,.elementor-widget-video .elementor-wrapper video{position:absolute;top:0;right:0;bottom:0;left:0}}.elementor-widget-video .elementor-open-inline .elementor-custom-embed-image-overlay{position:absolute;top:0;right:0;bottom:0;left:0;background-size:cover;background-position:50%}.elementor-widget-video .elementor-custom-embed-image-overlay{cursor:pointer;text-align:center}.elementor-widget-video .elementor-custom-embed-image-overlay:hover .elementor-custom-embed-play i{opacity:1}.elementor-widget-video .elementor-custom-embed-image-overlay img{display:block;width:100%;aspect-ratio:var(--video-aspect-ratio);-o-object-fit:cover;object-fit:cover;-o-object-position:center center;object-position:center center}@supports not (aspect-ratio:1\/1){.elementor-widget-video .elementor-custom-embed-image-overlay{position:relative;overflow:hidden;height:0;padding-bottom:calc(100% \/ var(--video-aspect-ratio))}.elementor-widget-video .elementor-custom-embed-image-overlay img{position:absolute;top:0;right:0;bottom:0;left:0}}.elementor-widget-video .e-hosted-video .elementor-video{-o-object-fit:cover;object-fit:cover}.e-con-inner>.elementor-widget-video,.e-con>.elementor-widget-video{width:var(--container-widget-width);--flex-grow:var(--container-widget-flex-grow)}<\/style>\t\t<div class=\"elementor-wrapper elementor-open-inline\">\n\t\t\t<div class=\"elementor-video\"><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-1d029098\" data-id=\"1d029098\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-14f8f1b8 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"14f8f1b8\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-67dfec55\" data-id=\"67dfec55\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7dac1276 elementor-widget elementor-widget-text-editor\" data-id=\"7dac1276\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h3><b>Credit report<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">If you have <a href=\"https:\/\/helpandadvice.co.uk\/equity-release-with-bad-credit\/\">bad credit<\/a>, filing for bankruptcy may be the best way to improve your financial situation. This is because all of your unsecured debt will be discharged, providing you with significant relief.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Once you&#8217;ve been discharged, most of your debts will be cancelled, which means they won&#8217;t appear on your <a href=\"https:\/\/helpandadvice.co.uk\/how-long-does-bankruptcy-stay-on-your-credit-report\/\">credit report<\/a> anymore, and you can rebuild your credit over time.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you have good credit, filing a bankruptcy petition may temporarily hurt your credit score, but if you have excellent credit, it probably won&#8217;t have much of an impact.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0If you have terrible credit, filing for bankruptcy may be your only hope to improve your financial situation. Most people <a href=\"https:\/\/helpandadvice.co.uk\/what-is-a-credit-rating-and-how-to-improve-it\/\">improve their credit rating<\/a> after a fresh start, which will lead to many different benefits for your finances.\u00a0<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-1384256f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1384256f\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-52b60de8\" data-id=\"52b60de8\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-11ba6374 elementor-widget elementor-widget-text-editor\" data-id=\"11ba6374\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"content_hint\"><\/div>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-4135a32e\" data-id=\"4135a32e\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-18f67241 elementor-widget elementor-widget-text-editor\" data-id=\"18f67241\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h3><b>Keeping your home or car<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">If you are going through foreclosure, going bankrupt might be able to assist you in keeping your home or vehicle. An automatic stay will be issued by the court after you file for bankruptcy.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This stop will suspend your foreclosure procedures and provide you additional time to pay off your mortgage. If you are being repossessed, filing for <a href=\"https:\/\/helpandadvice.co.uk\/bankruptcy\/\">bankruptcy<\/a> will also terminate your repossession action and give you extra time to make car payments.<\/span><\/p>\n<h3><b>Access to credit and banking products<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">You&#8217;ll have more options when it comes to credit products and banking services after bankruptcy. You&#8217;ll also be able to get a mortgage and various other financial instruments more efficiently and be able to begin repairing your credit.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3eed3ba7 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3eed3ba7\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-73fc6f64\" data-id=\"73fc6f64\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6ec940c3 elementor-widget elementor-widget-text-editor\" data-id=\"6ec940c3\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h2><b>Deciding on filing\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Of course, there are also some disadvantages that you should consider before you decide to declare bankruptcy. For instance, it will stay on your credit report for up to ten years and may make it difficult to get loans during that time.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You should always speak with a lawyer before deciding whether or not to go bankrupt, as what you decide will vary depending on different factors. They can help you understand the process and what to expect moving forward.<\/span><\/p>\n<h2><b>Bankruptcy restrictions and disadvantages<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Bankruptcy will have different effects on different people, depending on their circumstances and financial difficulties.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It is important to seek professional advice to see how you might be affected before deciding and weighing the advantages and disadvantages thoroughly. Some of the effects of bankruptcy are:\u00a0<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-69c0c7a6 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"69c0c7a6\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-688e3bdc\" data-id=\"688e3bdc\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-583f6ad4 elementor-widget elementor-widget-image\" data-id=\"583f6ad4\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<picture><source srcset=\"https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2022\/05\/Untitled-design-8.webp 1200w,https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2022\/05\/Untitled-design-8-300x75.webp 300w,https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2022\/05\/Untitled-design-8-1024x256.webp 1024w,https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2022\/05\/Untitled-design-8-768x192.webp 768w\"sizes=\"(max-width: 1200px) 100vw, 1200px\" type=\"image\/webp\"><img src=\"https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2022\/05\/Untitled-design-8.png\" alt=\"benefits of bankruptcies\" height=\"300\" width=\"1200\" srcset=\"https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2022\/05\/Untitled-design-8.png 1200w, https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2022\/05\/Untitled-design-8-300x75.png 300w, https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2022\/05\/Untitled-design-8-1024x256.png 1024w, https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2022\/05\/Untitled-design-8-768x192.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" class=\"attachment-full size-full wp-image-20970 sp-no-webp\" decoding=\"async\"  > <\/picture>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5a75b49c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5a75b49c\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-650c6ff\" data-id=\"650c6ff\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2a80b2fd elementor-widget elementor-widget-text-editor\" data-id=\"2a80b2fd\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h3><span style=\"font-weight: 400;\">Credit report<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">One of the biggest effects of being bankrupt will be your credit. Your<\/span><a href=\"https:\/\/www.experian.co.uk\/consumer\/experian-credit-score.html\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\"> credit score<\/span><\/a><span style=\"font-weight: 400;\"> will be damaged for up to six years after you exit bankruptcy.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It will be difficult to obtain credit during this period, and you will lose <a href=\"https:\/\/helpandadvice.co.uk\/claim-uniform-tax-refund\/\">tax refunds<\/a> for the entire bankruptcy period, affecting your income. If the prospective employer does a <a href=\"https:\/\/helpandadvice.co.uk\/all-you-need-to-know-about-soft-credit-checks-2\/\">credit check<\/a>, you may have trouble finding a job.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You may have trouble renting an apartment if the landlord does a credit check. Another restriction is that you won&#8217;t be able to obtain credit beyond a certain amount.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-547aad4\" data-id=\"547aad4\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6c704177 elementor-widget elementor-widget-text-editor\" data-id=\"6c704177\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"content_hint\"><\/div>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-2bb7199b elementor-section-content-middle elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2bb7199b\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-692c00a\" data-id=\"692c00a\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4a3c994c elementor-blockquote--skin-quotation elementor-blockquote--align-center elementor-blockquote--button-view-icon-text elementor-blockquote--button-skin-classic elementor-blockquote--button-color-official elementor-widget elementor-widget-blockquote\" data-id=\"4a3c994c\" data-element_type=\"widget\" data-widget_type=\"blockquote.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor-pro - v3.12.2 - 09-04-2023 *\/\n@charset \"UTF-8\";.entry-content blockquote.elementor-blockquote:not(.alignright):not(.alignleft),.entry-summary blockquote.elementor-blockquote{margin-right:0;margin-left:0}.elementor-widget-blockquote blockquote{margin:0;padding:0;outline:0;font-size:100%;vertical-align:baseline;background:transparent;quotes:none;border:0;font-style:normal;color:#3a3f45}.elementor-widget-blockquote blockquote .e-q-footer:after,.elementor-widget-blockquote blockquote .e-q-footer:before,.elementor-widget-blockquote blockquote:after,.elementor-widget-blockquote blockquote:before,.elementor-widget-blockquote blockquote cite:after,.elementor-widget-blockquote blockquote cite:before{content:none}.elementor-blockquote{transition:.3s}.elementor-blockquote__author,.elementor-blockquote__content{margin-bottom:0;font-style:normal}.elementor-blockquote__author{font-weight:700}.elementor-blockquote .e-q-footer{margin-top:12px;display:flex;justify-content:space-between}.elementor-blockquote__tweet-button{display:flex;transition:.3s;color:#1da1f2;align-self:flex-end;line-height:1;position:relative;width:-moz-max-content;width:max-content}.elementor-blockquote__tweet-button:hover{color:#0967a0}.elementor-blockquote__tweet-button span{font-weight:600}.elementor-blockquote__tweet-button i,.elementor-blockquote__tweet-button span{vertical-align:middle}.elementor-blockquote__tweet-button i+span,.elementor-blockquote__tweet-button svg+span{margin-left:.5em}.elementor-blockquote__tweet-button svg{fill:#1da1f2;height:1em;width:1em}.elementor-blockquote__tweet-label{white-space:pre-wrap}.elementor-blockquote--button-skin-bubble .elementor-blockquote__tweet-button,.elementor-blockquote--button-skin-classic .elementor-blockquote__tweet-button{padding:.7em 1.2em;border-radius:100em;background-color:#1da1f2;color:#fff;font-size:15px}.elementor-blockquote--button-skin-bubble .elementor-blockquote__tweet-button:hover,.elementor-blockquote--button-skin-classic .elementor-blockquote__tweet-button:hover{background-color:#0967a0;color:#fff}.elementor-blockquote--button-skin-bubble .elementor-blockquote__tweet-button:hover:before,.elementor-blockquote--button-skin-classic .elementor-blockquote__tweet-button:hover:before{border-right-color:#0967a0}.elementor-blockquote--button-skin-bubble .elementor-blockquote__tweet-button svg,.elementor-blockquote--button-skin-classic .elementor-blockquote__tweet-button svg{fill:#fff;height:1em;width:1em}.elementor-blockquote--button-skin-bubble.elementor-blockquote--button-view-icon .elementor-blockquote__tweet-button,.elementor-blockquote--button-skin-classic.elementor-blockquote--button-view-icon .elementor-blockquote__tweet-button{padding:0;width:2em;height:2em}.elementor-blockquote--button-skin-bubble.elementor-blockquote--button-view-icon .elementor-blockquote__tweet-button i,.elementor-blockquote--button-skin-classic.elementor-blockquote--button-view-icon .elementor-blockquote__tweet-button i{position:absolute;left:50%;top:50%;transform:translate(-50%,-50%)}.elementor-blockquote--button-skin-bubble .elementor-blockquote__tweet-button:before{content:\"\";border:.5em solid transparent;border-right-color:#1da1f2;position:absolute;left:-.8em;top:50%;transform:translateY(-50%) scaleY(.65);transition:.3s}.elementor-blockquote--button-skin-bubble.elementor-blockquote--align-left .elementor-blockquote__tweet-button:before{right:auto;left:-.8em;border-right-color:#1da1f2;border-left-color:transparent}.elementor-blockquote--button-skin-bubble.elementor-blockquote--align-left .elementor-blockquote__tweet-button:hover:before{border-right-color:#0967a0}.elementor-blockquote--button-skin-bubble.elementor-blockquote--align-right .elementor-blockquote__tweet-button:before{left:auto;right:-.8em;border-right-color:transparent;border-left-color:#1da1f2}.elementor-blockquote--button-skin-bubble.elementor-blockquote--align-right .elementor-blockquote__tweet-button:hover:before{border-left-color:#0967a0}.elementor-blockquote--skin-boxed .elementor-blockquote{background-color:#f9fafa;padding:30px}.elementor-blockquote--skin-border .elementor-blockquote{border-color:#f9fafa;border-left:7px #f9fafa;border-style:solid;padding-left:20px}.elementor-blockquote--skin-quotation .elementor-blockquote:before{content:\"\u201c\";font-size:100px;color:#f9fafa;font-family:Times New Roman,Times,serif;font-weight:900;line-height:1;display:block;height:.6em}.elementor-blockquote--skin-quotation .elementor-blockquote__content{margin-top:15px}.elementor-blockquote--align-left .elementor-blockquote__content{text-align:left}.elementor-blockquote--align-left .elementor-blockquote .e-q-footer{flex-direction:row}.elementor-blockquote--align-right .elementor-blockquote__content{text-align:right}.elementor-blockquote--align-right .elementor-blockquote .e-q-footer{flex-direction:row-reverse}.elementor-blockquote--align-center .elementor-blockquote{text-align:center}.elementor-blockquote--align-center .elementor-blockquote .e-q-footer,.elementor-blockquote--align-center .elementor-blockquote__author{display:block}.elementor-blockquote--align-center .elementor-blockquote__tweet-button{margin-right:auto;margin-left:auto}<\/style>\t\t<blockquote class=\"elementor-blockquote\">\n\t\t\t<p class=\"elementor-blockquote__content\">\n\t\t\t\t\"Bankruptcy is a legal process that allows people or businesses to restructure or discharge their debts. There are several reasons why someone may want to file for bankruptcy.\"\t\t\t<\/p>\n\t\t\t\t\t\t\t<div class=\"e-q-footer\">\n\t\t\t\t\t\t\t\t\t\t\t<cite class=\"elementor-blockquote__author\">Help & Advice<\/cite>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/twitter.com\/intent\/tweet?text=%22Bankruptcy+is+a+legal+process+that+allows+people+or+businesses+to+restructure+or+discharge+their+debts.+There+are+several+reasons+why+someone+may+want+to+file+for+bankruptcy.%22+%E2%80%94+Help+&amp;Advice&amp;url=https%3A%2F%2Fhelpandadvice.co.uk%2Fwp-json%2Fwp%2Fv2%2Fposts%2F20951\" class=\"elementor-blockquote__tweet-button\" target=\"_blank\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fab-twitter\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M459.37 151.716c.325 4.548.325 9.097.325 13.645 0 138.72-105.583 298.558-298.558 298.558-59.452 0-114.68-17.219-161.137-47.106 8.447.974 16.568 1.299 25.34 1.299 49.055 0 94.213-16.568 130.274-44.832-46.132-.975-84.792-31.188-98.112-72.772 6.498.974 12.995 1.624 19.818 1.624 9.421 0 18.843-1.3 27.614-3.573-48.081-9.747-84.143-51.98-84.143-102.985v-1.299c13.969 7.797 30.214 12.67 47.431 13.319-28.264-18.843-46.781-51.005-46.781-87.391 0-19.492 5.197-37.36 14.294-52.954 51.655 63.675 129.3 105.258 216.365 109.807-1.624-7.797-2.599-15.918-2.599-24.04 0-57.828 46.782-104.934 104.934-104.934 30.213 0 57.502 12.67 76.67 33.137 23.715-4.548 46.456-13.32 66.599-25.34-7.798 24.366-24.366 44.833-46.132 57.827 21.117-2.273 41.584-8.122 60.426-16.243-14.292 20.791-32.161 39.308-52.628 54.253z\"><\/path><\/svg>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-blockquote__tweet-label\">Tweet<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/blockquote>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-739ee368\" data-id=\"739ee368\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3c80c543 elementor-widget elementor-widget-text-editor\" data-id=\"3c80c543\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h3><b>Assets<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">You may be forced to sell assets with equity to pay off your debts, which means that an official receiver will collect your assets and distribute them. On the other hand, this does not necessarily imply giving up all of one&#8217;s belongings.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Certain items are excluded from being sold, such as one&#8217;s home, automobile, furnishings, clothing, and equipment in their trade and pension plans.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The assets you relinquish when declaring bankruptcy are known as &#8220;bankruptcy estates.&#8221; If you have equity in your house, it can be included in your estate, and if you rent your home, your tenancy agreement may be affected.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, if your house is jointly owned by you and your spouse or civil partner and they aren&#8217;t able to sell their share, they will usually be allowed to keep it.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The official receiver may require you to relinquish other non-exempt assets with equity, such as luxury goods, investment accounts, second homes, and automobiles. You may also lose surplus income. These assets will be auctioned by the trustee overseeing your case, and the money will be used to pay off your debt.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3fe6571 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3fe6571\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-51072b63\" data-id=\"51072b63\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-54f45cd9 elementor-widget elementor-widget-image\" data-id=\"54f45cd9\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<picture><source srcset=\"https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2022\/05\/Untitled-design-11.webp 1200w,https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2022\/05\/Untitled-design-11-300x75.webp 300w,https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2022\/05\/Untitled-design-11-1024x256.webp 1024w,https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2022\/05\/Untitled-design-11-768x192.webp 768w\"sizes=\"(max-width: 1200px) 100vw, 1200px\" type=\"image\/webp\"><img src=\"https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2022\/05\/Untitled-design-11.png\" alt=\"bankruptcy advantages\" height=\"300\" width=\"1200\" srcset=\"https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2022\/05\/Untitled-design-11.png 1200w, https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2022\/05\/Untitled-design-11-300x75.png 300w, https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2022\/05\/Untitled-design-11-1024x256.png 1024w, https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2022\/05\/Untitled-design-11-768x192.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" class=\"attachment-full size-full wp-image-20967 sp-no-webp\" decoding=\"async\"  > <\/picture>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-153a8273 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"153a8273\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-298c5c14\" data-id=\"298c5c14\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6f728dbc elementor-widget elementor-widget-text-editor\" data-id=\"6f728dbc\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h3><b>Bank account<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Your bank account and <a href=\"https:\/\/helpandadvice.co.uk\/building-society-roll-number\/\">building society<\/a> accounts may shut down if you declare yourself bankrupt, which means you will be unable to access your funds. You may also be forced to close your account and start a new one.<\/span><\/p>\n<p><b>Joint debts<\/b><\/p>\n<p><span style=\"font-weight: 400;\">If you declare yourself bankrupt, then joint debt (such as loans or mortgages) will become the sole responsibility of the other party or parties, and they will be liable to pay the full amount if creditors demand payment.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-731ca044\" data-id=\"731ca044\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5a0c319 elementor-widget elementor-widget-text-editor\" data-id=\"5a0c319\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"content_hint\"><\/div>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-71a1617f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"71a1617f\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3fe7e3d7\" data-id=\"3fe7e3d7\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1a927f5 elementor-widget elementor-widget-text-editor\" data-id=\"1a927f5\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><b>Employment<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Filing for bankruptcy will not automatically cause you to lose your job. However, suppose your profession needs a professional licence, such as that of a lawyer or doctor.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In that case, you may be unable to keep your job because most professional licensing boards refuse to grant licences to individuals with bankruptcies on their records. Declaring yourself bankrupt might also prevent you from serving as a company director and running your firm.<\/span><\/p>\n<p><b>Benefits\u00a0<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Filing for bankruptcy can have a variety of effects on your benefits. If you&#8217;re receiving Employment and Support Allowance (<\/span><a href=\"https:\/\/www.gov.uk\/employment-support-allowance\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">ESA<\/span><\/a><span style=\"font-weight: 400;\">), your payments may be reduced or stopped altogether. Your payments will be impacted if you are claiming <\/span><a href=\"https:\/\/www.gov.uk\/universal-credit\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Universal Credit<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Going bankrupt can also impact your Housing Benefit and <\/span><a href=\"https:\/\/www.gov.uk\/apply-council-tax-reduction\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Council Tax Reduction<\/span><\/a><span style=\"font-weight: 400;\">. You may no longer be eligible for these <a href=\"https:\/\/helpandadvice.co.uk\/can-you-get-a-mortgage-on-benefits\/\">benefits if you own your home or have a mortgage<\/a>.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5fd9d0d9 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5fd9d0d9\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7ce6a464\" data-id=\"7ce6a464\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4cc972c8 elementor-widget elementor-widget-image\" data-id=\"4cc972c8\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<picture><source srcset=\"https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2022\/05\/Untitled-design-15.webp 1200w,https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2022\/05\/Untitled-design-15-300x75.webp 300w,https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2022\/05\/Untitled-design-15-1024x256.webp 1024w,https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2022\/05\/Untitled-design-15-768x192.webp 768w\"sizes=\"(max-width: 1200px) 100vw, 1200px\" type=\"image\/webp\"><img src=\"https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2022\/05\/Untitled-design-15.png\" alt=\"filing bankruptcy\" height=\"300\" width=\"1200\" srcset=\"https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2022\/05\/Untitled-design-15.png 1200w, https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2022\/05\/Untitled-design-15-300x75.png 300w, https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2022\/05\/Untitled-design-15-1024x256.png 1024w, https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2022\/05\/Untitled-design-15-768x192.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" class=\"attachment-full size-full wp-image-20965 sp-no-webp\" loading=\"lazy\" decoding=\"async\"  > <\/picture>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-583cf9d0 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"583cf9d0\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-67e6c9d6\" data-id=\"67e6c9d6\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3a2627ed elementor-widget elementor-widget-text-editor\" data-id=\"3a2627ed\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"content_hint\"><\/div>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-5663df6f\" data-id=\"5663df6f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4e8a4f3d elementor-widget elementor-widget-text-editor\" data-id=\"4e8a4f3d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><b>Hire Purchase<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Hire purchase, and conditional debts may be affected by bankruptcy. If you choose to file for bankruptcy, check your agreement with the hiring company looking for a clause in the agreement allowing for termination or third party payments during the discharge period.\u00a0<\/span><\/p>\n<p><b>Commitment<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The filing bankruptcy process can be time-consuming and stressful. It can take several months or even years to complete, and the bankruptcy period may be lengthy.\u00a0<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6fcbf112 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6fcbf112\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-73250b88\" data-id=\"73250b88\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6a2599ff elementor-widget elementor-widget-text-editor\" data-id=\"6a2599ff\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h3><b>Public record<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">If you go bankrupt, it will be published in the <\/span><a href=\"https:\/\/www.thegazette.co.uk\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">London Gazette <\/span><\/a><span style=\"font-weight: 400;\">and the <\/span><a href=\"https:\/\/www.thegazette.co.uk\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Edinburgh Gazette<\/span><\/a><span style=\"font-weight: 400;\"> and the online Insolvency Register. Your name, address, occupation, and amount of debt will be published in these newspapers and online.<\/span><\/p>\n<h2><b>Debts not covered by bankruptcy<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">It&#8217;s important to note that not all debts can be cancelled by declaring yourself bankrupt. The following debts are not included in bankruptcy:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Child support<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Alimony<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Student loans<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Court-ordered fines<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Crisis loans<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Criminal restitution<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">If you have these types of debt, you will still be responsible for repaying them despite declaring bankruptcy.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7c63b352 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7c63b352\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6a137ca4\" data-id=\"6a137ca4\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7b5d7187 elementor-widget elementor-widget-image\" data-id=\"7b5d7187\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<picture><source srcset=\"https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2022\/05\/Untitled-design-9-1.webp 1200w,https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2022\/05\/Untitled-design-9-1-300x75.webp 300w,https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2022\/05\/Untitled-design-9-1-1024x256.webp 1024w,https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2022\/05\/Untitled-design-9-1-768x192.webp 768w\"sizes=\"(max-width: 1200px) 100vw, 1200px\" type=\"image\/webp\"><img src=\"https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2022\/05\/Untitled-design-9-1.png\" alt=\"pros and cons of bankruptcy\" height=\"300\" width=\"1200\" srcset=\"https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2022\/05\/Untitled-design-9-1.png 1200w, https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2022\/05\/Untitled-design-9-1-300x75.png 300w, https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2022\/05\/Untitled-design-9-1-1024x256.png 1024w, https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2022\/05\/Untitled-design-9-1-768x192.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" class=\"attachment-full size-full wp-image-20969 sp-no-webp\" loading=\"lazy\" decoding=\"async\"  > <\/picture>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3604704 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3604704\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-73b8a4e6\" data-id=\"73b8a4e6\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-aa5ac9 elementor-widget elementor-widget-text-editor\" data-id=\"aa5ac9\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h2><b>Debts that are included in bankruptcy<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">These debts will be cancelled through bankruptcy:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Credit card debt<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Medical bills<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Personal loans<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Payday loans<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Utility bills<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Lease and rental agreements<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Auto loans<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Some types of tax debt<\/span><\/li>\n<\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-456aa90a\" data-id=\"456aa90a\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-47774ab6 elementor-widget elementor-widget-text-editor\" data-id=\"47774ab6\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"content_hint\"><\/div>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-bfbf41c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"bfbf41c\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5b2ced3a\" data-id=\"5b2ced3a\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7b70d4b8 elementor-widget elementor-widget-text-editor\" data-id=\"7b70d4b8\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">HOA fees and assessments<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Medical bills<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Personal loans<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Business loans<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Payday loans<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Business Debts<\/span><\/li>\n<\/ul>\n<p>\u00a0<\/p>\n<p><span style=\"font-weight: 400;\">If you have any of these types of debt, you may be able to have them discharged through bankruptcy. It would be best if you spoke with a bankruptcy lawyer to find out more about which debts are covered and which are not.<\/span><\/p>\n<h2><b>Bankruptcy eligibility<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">To be eligible to submit a bankruptcy application in the United Kingdom, you must:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u2022 Be insolvent, which means that you are unable to pay your debts as they fall due.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u2022 Owe at least \u00a35,000.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u2022 Have few or no assets.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you meet these criteria, you can apply to be declared bankrupt by a bankruptcy court.\u00a0<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-2c1b3083 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2c1b3083\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7a149c16\" data-id=\"7a149c16\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-670c3500 elementor-widget elementor-widget-image\" data-id=\"670c3500\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<picture><source srcset=\"https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2022\/05\/Untitled-design-10.webp 1200w,https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2022\/05\/Untitled-design-10-300x75.webp 300w,https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2022\/05\/Untitled-design-10-1024x256.webp 1024w,https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2022\/05\/Untitled-design-10-768x192.webp 768w\"sizes=\"(max-width: 1200px) 100vw, 1200px\" type=\"image\/webp\"><img src=\"https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2022\/05\/Untitled-design-10.png\" alt=\"effects of bankruptcy\" height=\"300\" width=\"1200\" srcset=\"https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2022\/05\/Untitled-design-10.png 1200w, https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2022\/05\/Untitled-design-10-300x75.png 300w, https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2022\/05\/Untitled-design-10-1024x256.png 1024w, https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2022\/05\/Untitled-design-10-768x192.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" class=\"attachment-full size-full wp-image-20968 sp-no-webp\" loading=\"lazy\" decoding=\"async\"  > <\/picture>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-783bdb27 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"783bdb27\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-2abd65e7\" data-id=\"2abd65e7\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-53bfa6f4 elementor-widget elementor-widget-text-editor\" data-id=\"53bfa6f4\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"content_hint\"><\/div>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-a06b2cd\" data-id=\"a06b2cd\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f75bab3 elementor-widget elementor-widget-text-editor\" data-id=\"f75bab3\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h2><b>Filing bankruptcy<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">You can file bankruptcy by completing the necessary forms and delivering them to the court if you fulfil the requirements. If you live in England, you must contact the <\/span><a href=\"https:\/\/www.gov.uk\/government\/organisations\/insolvency-service\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Insolvency Service<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This is a government organisation that gives free advice to individuals who are having trouble making ends meet.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You may fill out the forms either online or via email and request them from the Insolvency Service. After you&#8217;ve completed the paperwork, return it to the Insolvency Service, and you will be assigned a bankruptcy trustee.\u00a0<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-10219ce9 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"10219ce9\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-184f9dc6\" data-id=\"184f9dc6\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3e1aa8fb elementor-widget elementor-widget-text-editor\" data-id=\"3e1aa8fb\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">You may then be required to attend a creditors&#8217; meeting or a bankruptcy court hearing with your trustee present. This is a meeting of creditors during which they can ask you questions about your financial status, income, and why you can&#8217;t pay your bills.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You&#8217;ll also be required to submit to a means test, which is used to determine whether you can pay your debts. If the means test shows that you cannot, most of your debts will be cancelled.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You can find more information about the means test and other requirements on the government&#8217;s website.<\/span><\/p>\n<h2><b>Bankruptcy order<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Once a bankruptcy order is made, you&#8217;ll be required to:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Comply with the terms of the order.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Cooperate with your bankruptcy trustee and official receiver.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Attend mandatory credit counselling sessions.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Give up any assets that are not exempt from seizure.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Make payments toward your debts as required by the court in a reasonable time.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">If you fail to comply with the terms of your bankruptcy order and do not cooperate with your bankruptcy trustee or attend all credit counselling, you may be subject to penalties, including being barred from being discharged from bankruptcy and having your bankruptcy extended.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-659c9612 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"659c9612\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-644499b5\" data-id=\"644499b5\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-40e0ce0d elementor-widget elementor-widget-image\" data-id=\"40e0ce0d\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<picture><source srcset=\"https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2022\/05\/Untitled-design-13.webp 1200w,https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2022\/05\/Untitled-design-13-300x75.webp 300w,https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2022\/05\/Untitled-design-13-1024x256.webp 1024w,https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2022\/05\/Untitled-design-13-768x192.webp 768w\"sizes=\"(max-width: 1200px) 100vw, 1200px\" type=\"image\/webp\"><img src=\"https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2022\/05\/Untitled-design-13.png\" alt=\"bankruptcy help\" height=\"300\" width=\"1200\" srcset=\"https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2022\/05\/Untitled-design-13.png 1200w, https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2022\/05\/Untitled-design-13-300x75.png 300w, https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2022\/05\/Untitled-design-13-1024x256.png 1024w, https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2022\/05\/Untitled-design-13-768x192.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" class=\"attachment-full size-full wp-image-20966 sp-no-webp\" loading=\"lazy\" decoding=\"async\"  > <\/picture>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-65cd94b4 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"65cd94b4\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-6fb5bc93\" data-id=\"6fb5bc93\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-535313e9 elementor-widget elementor-widget-text-editor\" data-id=\"535313e9\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h2><b>Contacting a Bankruptcy Lawyer<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">A lawyer can help you with filling out the proper forms, understanding the legal issue and discharge criteria, bargaining with official receivers and creditors, and weighing the advantages and disadvantages of filing for bankruptcy to come to the right solution for you.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Bring any papers related to your situation, such as financial statements, credit reports, bills, and anything related to income, when you go to see a bankruptcy attorney. Only then will a bankruptcy attorney be able to assist you if you are honest and forthcoming about your financial circumstances.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Some lawyers provide free initial consultations, but not all do. You&#8217;ll generally have to pay your lawyer for the work they accomplish on your case.\u00a0<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-3f70f922\" data-id=\"3f70f922\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-21922b43 elementor-widget elementor-widget-text-editor\" data-id=\"21922b43\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"content_hint\"><\/div>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-663ca8a9 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"663ca8a9\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-21db27ab\" data-id=\"21db27ab\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-62d1428b elementor-widget elementor-widget-text-editor\" data-id=\"62d1428b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">You can also request that the court make a &#8220;payment order,&#8221; which means that some of the money owed must be given to you to pay your lawyer&#8217;s fees, but this does not always happen.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You should also check whether there are any other charges, such as:<\/span><\/p>\n<p><b>Administration fee<\/b><span style=\"font-weight: 400;\"> &#8211; This is sometimes charged by the lawyer or firm carrying out the bankruptcy proceedings<\/span><\/p>\n<p><b>Disbursements<\/b><span style=\"font-weight: 400;\"> &#8211; These are additional costs related to your case that you may have to pay, such as court fees.<\/span><\/p>\n<h2><b>Bankruptcy discharge<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">You will be discharged from bankruptcy automatically after 12 months unless:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">You have been found to have committed a bankruptcy offence.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">You have failed to comply with the terms of your bankruptcy order.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Your creditors object to your discharge.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Once you&#8217;ve been discharged from bankruptcy, most of your obligations will be wiped away, and you&#8217;ll no longer be responsible for them. You&#8217;ll also have the opportunity to start fresh with a clean financial record.<\/span><\/p>\n<h2><b>What are the alternatives to declaring bankruptcy?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">If you&#8217;re having difficulties paying your obligations and want to declare bankruptcy to be a last resort, consider one of the following alternatives for <a href=\"https:\/\/helpandadvice.co.uk\/what-is-a-debt-relief-order\/\">debt solution: Individual voluntary arrangement, Debt consolidation, Trust deed, or Debt Relief Order<\/a>.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">More information on these options is available on the government website.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7ac9f890 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7ac9f890\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6d461e50\" data-id=\"6d461e50\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5d577a05 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5d577a05\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-c7822bb\" data-id=\"c7822bb\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-251443a2 elementor-widget elementor-widget-text-editor\" data-id=\"251443a2\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h4>Article author<\/h4>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4248f083 elementor-widget elementor-widget-image\" data-id=\"4248f083\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<picture><source srcset=\"https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2020\/07\/image-2-1.webp 1024w,https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2020\/07\/image-2-1-300x300.webp 300w,https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2020\/07\/image-2-1-150x150.webp 150w,https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2020\/07\/image-2-1-768x768.webp 768w\"sizes=\"(max-width: 1024px) 100vw, 1024px\" type=\"image\/webp\"><img src=\"https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2020\/07\/image-2-1.jpg\" height=\"1024\" width=\"1024\" srcset=\"https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2020\/07\/image-2-1.jpg 1024w, https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2020\/07\/image-2-1-300x300.jpg 300w, https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2020\/07\/image-2-1-150x150.jpg 150w, https:\/\/helpandadvice.co.uk\/wp-content\/uploads\/2020\/07\/image-2-1-768x768.jpg 768w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" class=\"attachment-large size-large wp-image-12735 sp-no-webp\" loading=\"lazy\" decoding=\"async\"  > <\/picture>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-3d121de0\" data-id=\"3d121de0\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-61f59d3a elementor-widget elementor-widget-text-editor\" data-id=\"61f59d3a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h3>Katy Davies<\/h3><p>I am a keen reader and writer and have been helping to write and produce the legal content for the site since the launch.\u00a0 \u00a0I studied for a law degree at Manchester University and I use that theoretical experience, as well as my practical experience as a solicitor, to help produce legal content which I hope you find helpful.<\/p><p>Outside of work, I love the snow and am a keen snowboarder.\u00a0 Most winters you will see me trying to get away for long weekends to the slopes in Switzerland or France.<\/p><p><strong>Email<\/strong>\u00a0&#8211;\u00a0<a href=\"mailto:katy@helpandadvice.co.uk\">katy@helpandadvice.co.uk<\/a><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-76667cbf elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"76667cbf\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-5aeb866a\" data-id=\"5aeb866a\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-3d6ec555\" data-id=\"3d6ec555\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1aeea076 elementor-widget elementor-widget-text-editor\" data-id=\"1aeea076\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"content_hint\"><\/div>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-1cf94027\" data-id=\"1cf94027\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-773bd614 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"773bd614\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-49671812\" data-id=\"49671812\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-68118030 elementor-widget elementor-widget-text-editor\" data-id=\"68118030\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h3 style=\"text-align: center;\">Frequently Asked Questions<\/h3>\n<p><strong>Advantages of bankruptcy<\/strong><\/p>\n<p>Bankruptcy is a legal process that allows people or businesses to restructure or discharge their debts. There are several reasons why someone may want to file for bankruptcy.<\/p>\n<p>Some believe it is the best option for eliminating debt after their circumstances change. In contrast, others feel that it is the only way out.<\/p>\n<p><b>Unsecured debts<\/b><\/p>\n<p><span style=\"font-weight: 400;\">One of the main benefits of bankruptcies is that they can give you a fresh start. A fresh start means that all of your unsecured debt will be discharged, providing you with significant financial relief.<\/span><\/p>\n<p><b>Joint debts<\/b><\/p>\n<p><span style=\"font-weight: 400;\">If you declare yourself bankrupt, then joint debt (such as loans or mortgages) will become the sole responsibility of the other party or parties, and they will be liable to pay the full amount if creditors demand payment.<\/span><\/p>\n<p><b>What are the alternatives to declaring bankruptcy?<\/b><\/p>\n<p><span style=\"font-weight: 400;\">If you&#8217;re having difficulties paying your obligations and want to declare bankruptcy to be a last resort, consider one of the following alternatives for <a href=\"https:\/\/helpandadvice.co.uk\/what-is-a-debt-relief-order\/\">debt solution: Individual voluntary arrangement, Debt consolidation, Trust deed, or Debt Relief Order<\/a>.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-204909bf\" data-id=\"204909bf\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4a25edfb elementor-widget elementor-widget-text-editor\" data-id=\"4a25edfb\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"content_hint\"><\/div>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7df66eb9 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7df66eb9\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-133cbe46\" data-id=\"133cbe46\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6088e667 elementor-widget elementor-widget-elementor-faq-schema\" data-id=\"6088e667\" data-element_type=\"widget\" data-widget_type=\"elementor-faq-schema.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t                                    <script type=\"application\/ld+json\">\n                    {\n                        \"@context\": \"https:\/\/schema.org\",\n                        \"@type\": \"FAQPage\",\n                        \"mainEntity\": [\n                         {\n                            \"@type\": \"Question\",\n                            \"name\": \"- Advantages of bankruptcy<br \/>\n\",\n                            \"acceptedAnswer\": {\n                                \"@type\": \"Answer\",\n                                \"text\": \"&lt;p&gt;Bankruptcy is a legal process that allows people or businesses to restructure or discharge their debts. There are several reasons why someone may want to file for bankruptcy.&lt;\/p&gt;\n&lt;p&gt;Some believe it is the best option for eliminating debt after their circumstances change. In contrast, others feel that it is the only way out.&lt;\/p&gt;\n&lt;p&gt;&lt;a href=&quot;https:\/\/helpandadvice.co.uk\/advantages-of-bankruptcy&quot;&gt;&lt;strong&gt;&gt; CLICK HERE FOR MORE INFORMATION &lt;&lt;\/strong&gt;&lt;\/a&gt;&lt;\/p&gt;\"\n                            }\n                                                    },\n                                             {\n                            \"@type\": \"Question\",\n                            \"name\": \"- Unsecured debts\",\n                            \"acceptedAnswer\": {\n                                \"@type\": \"Answer\",\n                                \"text\": \"&lt;p&gt;One of the main benefits of bankruptcies is that they can give you a fresh start. A fresh start means that all of your unsecured debt will be discharged, providing you with significant financial relief.&lt;\/p&gt;\n&lt;p&gt;&lt;a href=&quot;https:\/\/helpandadvice.co.uk\/advantages-of-bankruptcy&quot;&gt;&lt;strong&gt;&gt; CLICK HERE FOR MORE INFORMATION &lt;&lt;\/strong&gt;&lt;\/a&gt;&lt;\/p&gt;\"\n                            }\n                                                    },\n                                             {\n                            \"@type\": \"Question\",\n                            \"name\": \"- Joint debts\",\n                            \"acceptedAnswer\": {\n                                \"@type\": \"Answer\",\n                                \"text\": \"&lt;p&gt;If you declare yourself bankrupt, then joint debt (such as loans or mortgages) will become the sole responsibility of the other party or parties, and they will be liable to pay the full amount if creditors demand payment.&lt;\/p&gt;\n&lt;p&gt;&lt;a href=&quot;https:\/\/helpandadvice.co.uk\/advantages-of-bankruptcy&quot;&gt;&lt;strong&gt;&gt; CLICK HERE FOR MORE INFORMATION &lt;&lt;\/strong&gt;&lt;\/a&gt;&lt;\/p&gt;\"\n                            }\n                                                    },\n                                             {\n                            \"@type\": \"Question\",\n                            \"name\": \"- What are the alternatives to declaring bankruptcy?\",\n                            \"acceptedAnswer\": {\n                                \"@type\": \"Answer\",\n                                \"text\": \"&lt;p&gt;If you&#039;re having difficulties paying your obligations and want to declare bankruptcy to be a last resort, consider one of the following alternatives for debt solution: Individual voluntary arrangement, Debt consolidation, Trust deed, or Debt Relief Order.&lt;\/p&gt;\n&lt;p&gt;&lt;a href=&quot;https:\/\/helpandadvice.co.uk\/advantages-of-bankruptcy&quot;&gt;&lt;strong&gt;&gt; CLICK HERE FOR MORE INFORMATION &lt;&lt;\/strong&gt;&lt;\/a&gt;&lt;\/p&gt;\"\n                            }\n                                                    }\n                    ]\n                    }\n                <\/script>\n                    \t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-47e83fad elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"47e83fad\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-680f959e\" data-id=\"680f959e\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-61465d33\" data-id=\"61465d33\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-66858d5b elementor-widget elementor-widget-text-editor\" data-id=\"66858d5b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"content_hint\"><\/div>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-2caf07ab\" data-id=\"2caf07ab\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6f81043b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6f81043b\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-10f7d62b\" data-id=\"10f7d62b\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-bde783f elementor-widget elementor-widget-text-editor\" data-id=\"bde783f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h4>Share this page<\/h4>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1ff2d186 elementor-share-buttons--view-icon elementor-share-buttons--shape-circle elementor-share-buttons--align-left elementor-share-buttons--color-custom elementor-share-buttons--skin-gradient elementor-grid-0 elementor-widget elementor-widget-share-buttons\" data-id=\"1ff2d186\" data-element_type=\"widget\" data-widget_type=\"share-buttons.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<link rel=\"stylesheet\" href=\"https:\/\/helpandadvice.co.uk\/wp-content\/plugins\/elementor-pro\/assets\/css\/widget-share-buttons.min.css\">\t\t<div class=\"elementor-grid\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-grid-item\">\n\t\t\t\t\t\t<div\n\t\t\t\t\t\t\tclass=\"elementor-share-btn elementor-share-btn_facebook\"\n\t\t\t\t\t\t\trole=\"button\"\n\t\t\t\t\t\t\ttabindex=\"0\"\n\t\t\t\t\t\t\taria-label=\"Share on facebook\"\n\t\t\t\t\t\t>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-share-btn__icon\">\n\t\t\t\t\t\t\t\t<svg class=\"e-font-icon-svg e-fab-facebook\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M504 256C504 119 393 8 256 8S8 119 8 256c0 123.78 90.69 226.38 209.25 245V327.69h-63V256h63v-54.64c0-62.15 37-96.48 93.67-96.48 27.14 0 55.52 4.84 55.52 4.84v61h-31.28c-30.8 0-40.41 19.12-40.41 38.73V256h68.78l-11 71.69h-57.78V501C413.31 482.38 504 379.78 504 256z\"><\/path><\/svg>\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-grid-item\">\n\t\t\t\t\t\t<div\n\t\t\t\t\t\t\tclass=\"elementor-share-btn elementor-share-btn_twitter\"\n\t\t\t\t\t\t\trole=\"button\"\n\t\t\t\t\t\t\ttabindex=\"0\"\n\t\t\t\t\t\t\taria-label=\"Share on twitter\"\n\t\t\t\t\t\t>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-share-btn__icon\">\n\t\t\t\t\t\t\t\t<svg class=\"e-font-icon-svg e-fab-twitter\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M459.37 151.716c.325 4.548.325 9.097.325 13.645 0 138.72-105.583 298.558-298.558 298.558-59.452 0-114.68-17.219-161.137-47.106 8.447.974 16.568 1.299 25.34 1.299 49.055 0 94.213-16.568 130.274-44.832-46.132-.975-84.792-31.188-98.112-72.772 6.498.974 12.995 1.624 19.818 1.624 9.421 0 18.843-1.3 27.614-3.573-48.081-9.747-84.143-51.98-84.143-102.985v-1.299c13.969 7.797 30.214 12.67 47.431 13.319-28.264-18.843-46.781-51.005-46.781-87.391 0-19.492 5.197-37.36 14.294-52.954 51.655 63.675 129.3 105.258 216.365 109.807-1.624-7.797-2.599-15.918-2.599-24.04 0-57.828 46.782-104.934 104.934-104.934 30.213 0 57.502 12.67 76.67 33.137 23.715-4.548 46.456-13.32 66.599-25.34-7.798 24.366-24.366 44.833-46.132 57.827 21.117-2.273 41.584-8.122 60.426-16.243-14.292 20.791-32.161 39.308-52.628 54.253z\"><\/path><\/svg>\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-grid-item\">\n\t\t\t\t\t\t<div\n\t\t\t\t\t\t\tclass=\"elementor-share-btn elementor-share-btn_email\"\n\t\t\t\t\t\t\trole=\"button\"\n\t\t\t\t\t\t\ttabindex=\"0\"\n\t\t\t\t\t\t\taria-label=\"Share on email\"\n\t\t\t\t\t\t>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-share-btn__icon\">\n\t\t\t\t\t\t\t\t<svg class=\"e-font-icon-svg e-fas-envelope\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M502.3 190.8c3.9-3.1 9.7-.2 9.7 4.7V400c0 26.5-21.5 48-48 48H48c-26.5 0-48-21.5-48-48V195.6c0-5 5.7-7.8 9.7-4.7 22.4 17.4 52.1 39.5 154.1 113.6 21.1 15.4 56.7 47.8 92.2 47.6 35.7.3 72-32.8 92.3-47.6 102-74.1 131.6-96.3 154-113.7zM256 320c23.2.4 56.6-29.2 73.4-41.4 132.7-96.3 142.8-104.7 173.4-128.7 5.8-4.5 9.2-11.5 9.2-18.9v-19c0-26.5-21.5-48-48-48H48C21.5 64 0 85.5 0 112v19c0 7.4 3.4 14.3 9.2 18.9 30.6 23.9 40.7 32.4 173.4 128.7 16.8 12.2 50.2 41.8 73.4 41.4z\"><\/path><\/svg>\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-grid-item\">\n\t\t\t\t\t\t<div\n\t\t\t\t\t\t\tclass=\"elementor-share-btn elementor-share-btn_linkedin\"\n\t\t\t\t\t\t\trole=\"button\"\n\t\t\t\t\t\t\ttabindex=\"0\"\n\t\t\t\t\t\t\taria-label=\"Share on linkedin\"\n\t\t\t\t\t\t>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-share-btn__icon\">\n\t\t\t\t\t\t\t\t<svg class=\"e-font-icon-svg e-fab-linkedin\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 32H31.9C14.3 32 0 46.5 0 64.3v383.4C0 465.5 14.3 480 31.9 480H416c17.6 0 32-14.5 32-32.3V64.3c0-17.8-14.4-32.3-32-32.3zM135.4 416H69V202.2h66.5V416zm-33.2-243c-21.3 0-38.5-17.3-38.5-38.5S80.9 96 102.2 96c21.2 0 38.5 17.3 38.5 38.5 0 21.3-17.2 38.5-38.5 38.5zm282.1 243h-66.4V312c0-24.8-.5-56.7-34.5-56.7-34.6 0-39.9 27-39.9 54.9V416h-66.4V202.2h63.7v29.2h.9c8.9-16.8 30.6-34.5 62.9-34.5 67.2 0 79.7 44.3 79.7 101.9V416z\"><\/path><\/svg>\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Advantages Of Bankruptcy In Bankruptcy is a legal process that allows people or businesses to restructure or discharge their debts. There are several reasons why someone may want to file for bankruptcy. Some believe it is the best option for eliminating debt after their circumstances change. In contrast, others feel that it is the only [&hellip;]<\/p>\n","protected":false},"author":93,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/helpandadvice.co.uk\/wp-json\/wp\/v2\/posts\/20951"}],"collection":[{"href":"https:\/\/helpandadvice.co.uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/helpandadvice.co.uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/helpandadvice.co.uk\/wp-json\/wp\/v2\/users\/93"}],"replies":[{"embeddable":true,"href":"https:\/\/helpandadvice.co.uk\/wp-json\/wp\/v2\/comments?post=20951"}],"version-history":[{"count":40,"href":"https:\/\/helpandadvice.co.uk\/wp-json\/wp\/v2\/posts\/20951\/revisions"}],"predecessor-version":[{"id":42304,"href":"https:\/\/helpandadvice.co.uk\/wp-json\/wp\/v2\/posts\/20951\/revisions\/42304"}],"wp:attachment":[{"href":"https:\/\/helpandadvice.co.uk\/wp-json\/wp\/v2\/media?parent=20951"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/helpandadvice.co.uk\/wp-json\/wp\/v2\/categories?post=20951"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/helpandadvice.co.uk\/wp-json\/wp\/v2\/tags?post=20951"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}