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The following article was published in our article directory on November 19, 2009.
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Is Bankruptcy The Most Excellent Debt Solution In Recession?

Article Category: Finances

With the economy decline placing several people under monetary stress, they are looking for solutions to overcome the recession. For the last two years, the world has been facing a huge fiscal crisis, which has impacted the lives of millions of people. People have lost their jobs, they are baffled in debt, and they cannot ascertain solutions. In UK there are three choices for people who are in debt to clear their debts.

One solution is by applying for an individual voluntary agreement, also known as IVA. The other solution is applying for bankruptcy, and the third is handling and paying off your debts. In an individual voluntary agreement, a person must have the means for paying off his or her debts. This means they must have a source of income.

An individual voluntary agreement is actually a diminution and rescheduling of debts. Moreover, nearly all people who have gone for an IVA, have realised that their debts have increased, rather then being reduced. They have been enforced to take a second mortgage on their houses to pay off their immediate creditors. However, the new mortgage is at higher rates, and for a longer duration. That's why many people have defaulted on their IVA program.

You will need to present yourself in a court to apply for bankruptcy and you will have to pay the court fees to process your bankruptcy application. A creditor whom you be indebted more than 750 pounds can also approach a court to have you declared bankrupt. Remember, when you apply for bankruptcy, you turn to lose everything. Depending on your debts you can lose your business, your home, your car, your savings and any other things that you may have.

After a court has averred you bankrupt you will stay on the records of credit rating companies for six years. But why do people still apply for bankruptcy? The reason is quite simple. They know what their debts amount to and they know what their possessions are worth. They feel that by making a clean break, they can start life afresh, and get rid of their debt problems in one clean sweep. After a person has been declared bankrupt all his belongings are monitored by the official receiver who is assigned by the court. After liquidating the assets and paying off the creditors, whatever remains is yours.

Even after a person is stated bankrupt, it may take over a year before the assets are sold, and the debts cleared. However, once declared bankrupt, creditors cannot charge any more interest on debts. Your assets together with your debts are frozen till the official receiver settles them.

There is no longer a stigma attached to applying for a bankruptcy. Several people who feel they can ride out the recession have opted for it. Furthermore, you must consider all your choices before you apply for bankruptcy. No one likes to lose everything they have worked so hard to get.

Keywords: Debt solutions, debts, debt help, debt advice, consolidate debt, financial advice, debt, finance, financial problems

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