You may think there is no way back on the straight and narrow after you have declared yourself or a business, no matter how big, bankrupt but as the saying goes, “where there’s a will, there’s a way” it may sound a bit off and something you wouldn’t think about doing but getting a loan after bankruptcy is doable to get yourself back on your feet slowly. You may have to start off small but building it back up at a steady pace maybe the start of your success again especially with the right guidance.
The reason you may be in this situation may of been out of your control, a bad decision in the past, and or your just picking up the pieces of the mess of something or someone else’s fault.
What Exactly Is A Bankruptcy?
Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors, they may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a simple court order, often initiated by the debtor itself.
An individual, whether in business, employed or unemployed, can be declared bankrupt if they owe more than £5,000 to any one creditor. This process is called a ‘creditor’s petition’, and it can take between a month and two months to complete fully.
Bankrupt is not the only legal status that an insolvent person may have, and the term bankruptcy is therefore not a synonym for insolvency. A bankruptcy order will usually only last a year, after which your existing debts will be written off completely and you will, for all intents and purposes, be able to start over financially again. Declaring bankruptcy usually will involve going to court and the whole process could cost around £700, but more if you choose to use the services of a solicitor, which can be helpful but is not always necessary.
Below are just some tips for helping you move forward
Getting advise from the professionals
It’s not going to be an easy or a quick fix but speaking to specialist company’s or firms that can guide you through the processes and advice which will help you get back on your feet. Loan after bankruptcy is just one of these company‘s that can give you step by step help and guidance to show you which ways to go. They offer free and friendly advise to anyone that requires it and they will talk through the advantages and disadvantages of it, and declaring yourself bankrupt.
Speaking with close members of your family
If you don’t want to go through a professional company you could go down the alternative route of speaking with your close family members for help and advice and see if they could help you out with a way to find a solution to your situation whether it is helping you out financially, in giving you an interest free loan to help you get back on your feet. This will save you worrying about been chased by companies if you are short one month.