Bankruptcy may be your best option

7 April 2021

Bankruptcy may be your best option.

People facing insurmountable personal financial pressure often experience high levels of stress and anxiety, and have a difficult time seeing light at the end of the tunnel.

While it may be counterintuitive, in our experience the light at the end of the tunnel can in some instances be bankruptcy. This is because bankruptcy is not designed to ‘punish you for going broke’ but rather to enable you to deal with your debt and to provide a pathway to financial rehabilitation.

A key role played by your bankruptcy trustee will be to deal with your creditors, which allows you breathing space to start to take steps to recover and move on. The majority of your assets will be sold by your trustee to pay your creditors, however, you are not prohibited from owing essential assets of certain value, earning an income and generally maintaining a reasonable financial base. In some circumstances, there are also opportunities in bankruptcy to come to a compromise agreement with your creditors and get out of bankruptcy early.

If you are in a very tough spot financially, getting to know the bankruptcy process and its outcomes are the essential first steps. At Slaven Torline we provide a free of charge no obligation consultation to assist you in understanding bankruptcy and to help plan your financial recovery. Please do not hesitate to get in touch with us at any stage.