There are so many bankruptcy applications that are currently awaiting court approval in the UK that it’s causing a bit of a log-jam. In fact, the backlog’s so bad that there are proposals for a ‘self-service’, online bankruptcy service. There are people waiting as long as three months between making the initial application and being granted a bankruptcy order. Obviously, the stress of this waiting time, in addition to the stress of debt problems, means that anything we can do to expedite the process should be considered but should individuals be able to file for bankruptcy without support?
Bankruptcy is the most severe debt solution on the market but this proposal could promote the idea that bankruptcy is some kind of quick fix to the problem of mounting debt. This simply isn’t the case and such an attitude could be extremely damaging.
A specialist debt advisor would be able to take you through the other solutions available to someone in your situation and it is vitally important that you weigh up all of the potential avenues of debt help at your disposal before settling on any in one particular. After all, bankruptcy can cost you your home and take a large proportion of your salary for an Income Payments Order.
Completing a bankruptcy petition online can seem like a quick, painless and discreet debt solution. Although you can do it on your own, in the privacy of your own home, do remember that bankruptcy is published in your local newspaper and in the London Gazette. Ultimately, when you are faced with mounting debt pressure, you could well feel that all of these consequences are necessary evils. Until you speak to someone with experience and expertise in solving debt, you’ll never really know if you’d have been better off with another debt solution. There are lots of places to go for debt help too. Harrington Brooks are one of the longest-established financial institutions in the UK, so start here business-magazine.org