Welcome to my blog. This blog is dedicated to helping anyone who is currently in the midst of a liability issue. A few years ago, my daughter contracted listeria due to poorly packaged food. She, thankfully, was okay, but we still took her case to court. I want all families who have been affected by liability issues to understand their rights, so I decided to start this blog. My beautiful daughter is now 17 and preparing to start uni next year. I have three younger children as well and an amazing husband. Thank you for reading my blog. Please share my posts if they help you!
Filing for bankruptcy is not always an easy decision for individuals, but it can provide relief from creditors and debt. It can also be the only choice that you might have when you are facing a certain amount of debt and cannot reasonably pay it down, given your income. If you are considering bankruptcy, it's good to know what is involved and certain consequences you might face; a bankruptcy solicitor can give you personalized advice on the process, but note a few important details here so you can determine the next step for yourself.
1. Not all debt is resolved
Certain debt doesn't go away when you declare bankruptcy; for example, if you have unpaid child support, it's unlikely that this will be erased when you declare bankruptcy. Government fines, past due taxes, and other such debts are not likely to be gone with a bankruptcy either. You may also need to make certain contributions to your debt, if your income exceeds a certain amount.
It's also good to note that when you declare bankruptcy, this doesn't mean you suddenly own your car or house free and clear. Those types of secured debts need to be paid or the creditor usually has the right to seize that security, meaning repossess your car or foreclose on your house. Your bankruptcy solicitor can review every debt you have and note which ones would be canceled and which would remain with you.
2. Not all assets are seized
People often assume that when they declare bankruptcy, creditors come into their home and take all their furniture, their TVs and computers, clothes, and the like. This isn't the case, as ordinary household assets usually remain in your possession. This would mean your everyday furniture and clothes, and items you may need to run a business such as tools would also usually stay in your possession. If you're worried about what assets you might need to give up in order to pay creditors and which ones might be seized in order to pay down debt, talk to a bankruptcy solicitor about each of those items in question and about how to protect them if you should decide to declare bankruptcy.
3. Travel might be restricted
In some cases, you might be restricted from traveling overseas, depending on the nature of the trip. If you travel for business or have family out of the country, discuss this with a bankruptcy solicitor so you know if you would be free to continue to travel, or what restrictions you might face personally after declaring bankruptcy.Share