Filing for bankruptcy: how 123 Debt Solutions can help you

Filing for bankruptcy is an extremely difficult decision for many people, as you are effectively declaring that you cannot afford to pay your debts. Here at 123 Debt Solutions, we can help make the entire process simpler so you can begin a fresh start financially with no problems.

It is not an easy decision to declare yourself bankrupt, but we can help by offering you important advice on whether this is the best solution for you. We have a friendly team of 80 staff members who are trained in resolving debt problems, so we will always look for alternative ways to fix your deficit issues if there are any.

Since we began in 2006, we have been at the forefront of the debt management industry and, over the years, we have built excellent links with big creditors in the UK. This helps us come up with solutions that enable you to pay off your debt another way in an arrangement you both agree with. However, if declaring bankruptcy is the only foreseeable way to fix your financial problems, we will give you as much information about the process as we can to make it as painless as possible.

What does it mean to file for bankruptcy?

Applying for bankruptcy means there is no solution to your debt problems and you cannot find a way to pay off your arrears. Before you declare yourself bankrupt, it is important to seek all the help you can get. We offer advice and try to look for alternative solutions, such as considering debt management schemes such as individual voluntary arrangements.

However, sometimes, there is no way to resolve your financial issues other than filing for bankruptcy, which means that your assets will be used to pay off your debts. Therefore, if you own property, shares or any other investments, these may be taken by your creditors.

This is obviously not the ideal solution, particularly if you've spent years paying off the mortgage for a house for it then to be removed from your hands. However, one year after all your debts are settled, you are able to start again.

Your deficits are written off and you don't have to worry about having the burden of debt hanging over your head throughout your life, which will not only affect your spending ability, but also any future financial opportunities, as your arrears will give you a very poor credit rating and you might have a bad reputation for yourself and your business/es.

Let 123 Debt Solutions help you with your bankruptcy decision

While filing for bankruptcy is not an easy option, we endeavour to make it as straightforward as possible for you. We have staff members who have suffered financial problems themselves in the past, so they know what it's like to fall into the red. Therefore, you will not only find sensible advice with 123 Debt Solutions, but also empathy from our employees.

If you wish to find out more information about the process of applying for bankruptcy or you want to see whether there is another solution for you, speak to one of our friendly team by calling 0808 22 22 13. Alternatively, you can use our call back request form on the website or email admin@123debtsolutions.co.uk. Our Facebook and Twitter pages will also help you keep up to date with our latest tips and suggestions on staying on top of your finances.