Many factors could have caused a person to be overwhelmed by huge debts, debts that accumulated and became impossibly hard to pay with the current income. This hopeless financial situation could lead people to take bankruptcy as an option. Bankruptcy is one of the solutions a financially distressed individual would contemplate to take. When financial troubles are causing you to lose sleep, when creditors are harassing you, when you have sold most of your properties and when huge debts threaten to engulf you, your final and last recourse would be to file for bankruptcy.
Bankruptcy would seem to be the be-all and end-all to save a person from all financial difficulties. Certainly, bankruptcy will give a person the chance to start anew and to have a clean slate as far as debts is concerned but it also carries with it far reaching and long lasting effects. A bankruptcy will stay in your credit records for at least 10 years and the requirement to publish all bankruptcy proceedings in the London Gazette, would publicize to all and sundry your financial misfortunes.
Before opting for bankruptcy to solve a financial crisis, a debtor should take a good look at the...
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