Bankruptcy gives someone with financial problems the opportunity to wipe his or her slate clean, canceling the debt and having a fresh start. It also allows creditors to receive a proportion of monies owed to them. Commenting, Gerald Irwin of Sutton Coldfield based Licensed Insolvency Practitioners and Business Advisers, Irwin Insolvency, “Accumulating debts and not dealing with financial problems in time can lead to a situation where bankruptcy needs to be considered. Arguably, this is one of the most misunderstood financial terms today.
Few people really understand the full implications of bankruptcy and what it really stands for. The truth is bankruptcy is not a decision to be taken lightly and it should always be considered as a last resort.”
Before choosing bankruptcy as an option in a bid to resolve your financial problems, make sure you use the services of licensed insolvency practitioner who is well versed about the proceedings and who, if possible, can recommend alternative routes for you in order to tackle your debts.
“Bankruptcy should always be considered as a last resort. It is always wise to explore other avenues before taking this option. If for any reason you have to file for bankruptcy, it means you failed to get a firm grip on your finances. People really must ensure they are ready to take total command of their problems, otherwise, they will soon find themselves fast-tracking back to square one,” added Mr. Irwin.