Wednesday 27 February 2019

How You Can File For Bankruptcy

How You Can File For Bankruptcy
Image Source: Unsplash

Financial worries can add a lot of stress to your life, and it feels like it is sometimes hard to keep your head above water. If you find yourself in a situation such as this, the first thing to remember is that you are not the only one and that many people go through similar situations. There are different options open to you, and you can also get plenty of free advice on websites such as that of the government which show the potential opportunities that you may have available to you. Make sure that you do not try and avoid the problem and deal with it head on to get the shackle of debt removed, and once you do you will see that things may not be as bad as you once thought.

Get Advice And Find Out Your Options

Applying for bankruptcy is often the last case scenario, so before you go down this route, you will want to see what your available options are and seek expert advice on your debt. You may be able to apply for a consolidation loan which may prevent you from having to file for bankruptcy, or there may be other options that are open to you. Bankruptcy should be a last resort, and if possible, you will want to avoid entering this situation.

Applying For Bankruptcy

If you have exhausted all other potential avenues and you wish to know how to apply for bankruptcy, the process is straightforward and not too complicated. You will first need to visit the AFSA website which lists what needs to be done. You will need to download an application form and fill this out completely with as much information as you can. You will then need to send your application to us, and this will be processed. There are two possible outcomes, and the first one is that your application is refused and if this is the case, you will receive notification in writing as to why. The second outcome is that your application is accepted and both you and your creditors will receive confirmation in writing as to the acceptance of your application. Once approved, you will be issued with an AFSA administration number which you will need to keep handy as your creditors may ask for this.

Applying For Bankruptcy
Image Source: Unsplash

What Are The Consequences Of Being Declared Bankrupt?

Before applying for bankruptcy, you will want to exhaust all other options first. There are consequences to being declared bankrupt which could affect employment opportunities and your income. A quick research online on the ramifications of bankruptcy will lead you to excellent sources that also offer solutions that you may wish to look at pursuing.

Bankruptcy will not release you from paying all your debts, and it will depend on whether the debts are secured or not, so you may still have to pay some of your debts back. You will be assigned a trustee that you will need to communicate with regards to any changes to your circumstances and they will be able to let you know which debts are written off and which are not. If possible, try to avoid going down the bankruptcy route if possible, and if not, make sure you are well-informed as to your rights seeking as much free advice as possible before making your decision.

Like Us On Facebook

Post a Comment

favourite category

test section describtion

Whatsapp Button works on Mobile Device only