Bankruptcy 'can help people with serious debts' - Debt Management

Tuesday, January 8th, 2013

Bankruptcy is an option that people may want to consider if they have serious debt concerns.

The process - which normally lasts for one year - helps consumers become debt free and creditors will not be able to take any further action once the process has been completed, the Daily Telegraph reports.

It is a formal procedure that requires individuals to go to court and sees their assets sold off to pay for debts - although personal belongings are typically left with the person.

At the moment, only one mainstream provider, Barclays, offers bank accounts to bankrupts.

However, legislation is being introduced by the government that will restrict the circumstances where a trustee in a bankruptcy can make a compensation?claim against a bank.

It is hoped this rule change will encourage more lenders to take on bankrupts and offer them the security associated with a bank account, such as being able to get wages paid in or set up direct debits.

By James Francis

Source: http://www.abacusfinance.co.uk/debtadvice/bankruptcy-can-help-people-with-serious-debts/

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