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Is Bankruptcy the right debt solution?

Bankruptcy is a legal term that declares the inability of an individual or corporation to pay off debts that they have with creditors. There are two main types of bankruptcy; voluntary (you declare yourself bankrupt) and involuntary (you are forced to declare bankruptcy).

The option of bankruptcy is one that needs to be considered when debts cannot be repaid; it is a way of freeing you from overwhelming debts so that you can make a fresh start. Bankruptcy means that your assets are shared out fairly amongst your creditors as a way of repaying what you owe.

Bankruptcy lasts for a period of one year but during this one year and even possibly after it you will be faced with many implications surrounding all aspects of finance. You will lose all control of your assets, you will be unable to gain credit over £250 without permission from the lender, you are not permitted to become a company director and you cannot take part in the promotion, formation or management of a limited company (LTD) without gaining permission from the court. It should also be noted that you cannot trade in any business under any other name without informing them that you are bankrupt, you also canít continue as an accountant or lawyer and you may not become of member of a local authority or parliament.

There are many ways in which you can become bankrupt; a court can declare you bankrupt by issuing you a bankruptcy order, you can file your own bankruptcy or a creditor can make you bankrupt by presenting you with a petition if you owe an unsecured debt of over £750.

Bankruptcy is a very serious matter and brings many restrictions to your life and takes over all of your financial matters. It should be noted however that you donít have to become bankrupt just because you are in debt. You should try and make arrangements with your creditors; one way in which you can do this is by enlisting the help of Edge of Bankruptcy. Here at Edge of Bankruptcy we are a group of English and American Business angels and venture capitalists. The services that we can offer you here at Edge of Bankruptcy can prevent bankruptcy as we invest in companies that are in difficulty and high amounts of unmanageable debt.

As Edge of Bankruptcy are made up of English and American Business Angels and Venture Capitalists we can invest large amounts of money into your business as a way of releasing money to you, the business owner, so that you can embark upon reducing the amount of debt that you are currently facing.

The professionals here at Edge of Bankruptcy will work quickly to ensure that you are provided with funds in a matter of days. We can offer you different types of funding packages to help conquer your debt such as secured or unsecured loans, equity stakes or a combination of these options.

Below are some useful articles on Bankcruptcy:

Bankruptcy Alternatives - 5 Ways to Avoid Bankruptcy
Correcting The Common Misconceptions About Filing Bankruptcy
Bankruptcy The Last Financial Resort
Home Loan after Bankruptcy Ė Is it Possible?

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