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Is bankruptcy an option?

As experts believe we will see a steady increase in the number of personal and business bankruptcies over the next 18 months, the stigma which has been attached to bankruptcy for many years would appear to be lifting. That is not to say that bankruptcy is the easy option, because there are major drawbacks, but for some people in dire financial straits maybe bankruptcy is the best option?

If you are in financial difficulties there is no point in "burying your head in the sand" and assuming it will all come right in the end because this recession has caused significant issues for many people. These are problems which cannot be rectified overnight and even if the economy turned around tomorrow many people will still continue to suffer financial hardship for some time to come. If you feel the financial noose is tightening around your neck then you need to take professional financial advice as soon as possible because there maybe alternatives to bankruptcy such as IVAs or Trust Deeds (in Scotland) or it may simply be a case of extending your loan agreements and reducing your monthly payments. The longer you leave it the worse it will get and the less amenable your creditors may become. Act now as it may not be as bad as you think!

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