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Wednesday, March 14, 2012

Debt Free Advice

Debt Free Advice
If you have considered all the alternatives of debt relief and you could not find an appropriate one for your needs, it is time to consider finding free debt management advice. If you realise that there is no chance in repaying your debts, then bankruptcy is the right way to go for you.

However, you should not take this decision in a hurry. You should first consider all the alternatives and file for bankruptcy only as a last resort. One of those possibilities could be an individual voluntary arrangement (IVA).

Is It Really That Bad?

People might say that this is the worst thing that could happen to you but, if you start and analyze the overall situation you can see that there can be some advantages.

Struggling to pay your monthly bills, but never before the deadline or on time, can have its consequences. The lenders will start to send you letters or even call you at home or at work to remind you about the debt. This will put you in a very unpleasant situation. If you file for bankruptcy, all of this harassment will stop.

All of your assets will be evaluated, you lenders’ list will be analyzed and the amount that you can afford to pay them will be determined. 

Once the payments are made, the lenders must accept the fact that this is the maximum that they will receive and the remaining debt will be written off.

What Do I Have To Lose?

If you declare yourself bankrupt, you lose control of all your assets including your home. However, you are allowed to retain your main residence and automobiles. This type of procedure is not without fees and even if you are in a poor financial situation, you still have to pay them.

The bankruptcy process lasts for approximately one year. Another thing that you must be aware of is that your situation will be published in the newspaper. 

Due to your bankrupt status, you might lose your tenancy if your contract has a bankruptcy clause.
Considering that you will be debt free after the process is over, making the decision to file for bankruptcy might not be so bad. However, talk to the experts and seek out free debt management advice now.


  1. Divorce can have major financial repercussions, debt being one of them. Knowing ways to help get out of debt will be very beneficial.

  2. Good blog! simple advice but deep. yeah these post is right. there are many alternative ways to overcome such nightmare like these.