I think my son might have to declare bankruptcy. What are the consequences of this. He is only 20 doesn’t own any assets. I’m worried this is a very bad thing.
I think my son might have to declare bankruptcy. What are the consequences of this. He is only 20 doesn’t own any assets. I’m worried this is a very bad thing.
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4 Replies
How much is the debt? There is a government helpline for debt advice, I can't remember the name of it but have a search and get him to ring them to find out the best direction to take.
This is not an easy way out. This can stay on your credit file for up to 10yrs! Given he is so young, I’d definently getting financial advise, a lot of banks are open to freezing repayments for a little while depending on the circumstances..
I went bankrupt at 35 with no assets. Honestly it was the best decision. I now have an excellent credit rating, have learned to live within my means and have much better control over what I can afford. It isn't a life sentence and teaches you a lot.
Sorry to hear. It's never a nice thing to go through.
I myself have just finished filing for bankruptcy as a last resort.
It's pretty simple actually.
Once u apply your bankrupt for 3 years. In those 3 years they will take your tax return and then nothing after that. Your free of all debt.
Unless u have big assets there's nothing to take so it doesn't matter.
Many people are resorting to this now the economy is so hard and living is becoming harder for the price hike of everything. Call a place called my bankruptcy they have been AMAZING through my whole process.