The Unique Finance Blog

No chance of repaying your debts, no assets to pledge for any more loans, creditors are threatening action against you – Does this sound like a situation you’re in? You probably feel that bankruptcy is the best option for you but have you considered the long term effects of bankruptcy? You cannot obtain credit of £500 or more either alone or jointly without disclosing your bankruptcy. You can’t hold certain public offices, act as a company’s director or carry on business (directly or indirectly) in a name which is different from that in which you were made bankrupt.

‘Back-in-the-day’, as they say, when I was a young lad in my early twenties, I was given some fundamental advice on getting all I could out of life. It didn’t make a whole lot of sense to me then, since it actually went against everything I’d experienced up until that time. ‘Debt’, as I was told, was now the preferred means of rapid asset acquisition and even good credit, no less, which meant approval for even more debt. The experts were preaching ‘the more debt, the better’. It provided the opportunity to acquire and new home, a new car, new furniture, new appliances, and exotic vacations, to name just a few. It didn’t make sense to me, simply because I knew it had taken my father and grandfather nearly a lifetime to purchase some of those things, since they had to save nearly all of the cost before even considering the purchase. So I’m thinking, “what is going on with this new approach to financial freedom?” And, exactly what kind of ‘leverage’ is it that I’m creating with this ownership of massive debt?

Today there is a great awareness of people’s rights to put the broken bits together and start all over again… but doing things better. As for credit, there are some interesting aspects to take into consideration.

You Have Gone Through Bankruptcy Stress