Bankruptcy – A fresh start?
Historically Gemstone have provided full bankruptcy advice and support, so we know when it should be a consideration.
If your debts have become unmanageable and you cannot see how things will ever improve, then bankruptcy (or sequestration in Scotland) might be appropriate. Quite rightly there is no longer the stigma attached to insolvency as there once was, and so an unfortunate set of circumstances or a inadvertent mistake should not ruin life as you know it.
Bankruptcy can remove the anxiety of debt and give you a fresh start, subject to some restrictions. You will no longer have to deal with any of your creditors and you will usually be discharged after 12 months of the bankruptcy order. You may also have to pay any surplus income after your living expenses into your bankruptcy for several years (usually 3 years).
To understand if this option is right for you, one of our experienced professionals will complete a discreet initial consultation. Whilst not suitable for everyone, bankruptcy can be a solution for many whose situation is particularly severe. Don’t forget, we are just here just to provide information on your options, if you want to explore this facility further we can (if you wish) put you in touch with a suitable adviser that will complete a full financial review, provide detailed personal advice and support services if required.
Contact us now to discuss the advantages and disadvantages of bankruptcy and to possibly take the first step to getting a new financial start in life!