A fast house sale to avoid bankruptcy
If you are in real financial difficulty, bankruptcy is one of the solutions available to you. It has serious consequences, however, and you shouldn’t assume that bankruptcy provides all the answers to your problems. In fact, bankruptcy can have a lasting effect on your life and that of your family, which is why you should look for a way to avoid it if possible.
How bankruptcy works
Bankruptcy is a legal process, and can be entered into in one of three ways. You can declare yourself voluntarily bankrupt; you can be made bankrupt by a lender that you owe at least £750, or you can be made bankrupt by the administrator of an IVA (Individual Voluntary Arrangement) if you have failed to keep the terms of the arrangement. In all cases, the bankruptcy will need to be approved by the courts, and you will then be bound by its terms, which include:
Losing control of all your assets – your home and any other property, cars, possessions and a proportion of your income will all come under the control of an administrator. Their job is to ensure that your creditors are paid as soon as possible. The administrator may need to sell your house in order to cover your debts.
Unable to borrow – for the period of the bankruptcy, you will be unable to borrow more than £250. This applies both to you personally and to any business you own.
Positions of responsibility – you will not be able to hold any positions of responsibility when you are bankrupt. These might include company director chartered accountant or lawyer, Member of Parliament, and trustee. In some cases, it may be several years after the bankruptcy has been discharged before you can hold these positions.
In most individual cases, bankruptcy will be discharged in around a year or less, freeing you from all your debts. It may also, however, leave you with no home and very few assets.
Alternatively, you could use a fast house sale to raise the money you need to pay your debts. Carrying none of the stigma or restrictions of bankruptcy, and giving you considerably more freedom to start again, this could be the perfect solution for you.
At the Yorkshire Property Company, we believe in giving you the best deal for your property, so that you can get on with your life. Our experience and our professional standards of service make us the ideal choice if you live in Yorkshire and you need to sell your property quickly. With our no-fee service and plenty of help and advice along the way, we’re happy to talk to you about your property and how we can help you sell it with no stress and no hassle. Call us free now on 0800 088 7037 or send in your online enquiry form.
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