Does consumer bankruptcy always mean that every debt is written off?
No. The outcome depends on the circumstances and a repayment plan may be set.
Consumer bankruptcy: start with a careful review
When regular debt repayment is no longer possible, the first step is not a quick promise of debt relief but an honest assessment of the situation. Consumer bankruptcy is a court procedure which may lead to a repayment plan or debt discharge, depending on the circumstances.
I review the sources and level of debt, income, assets, enforcement proceedings and available correspondence. This helps establish whether the procedure is appropriate and what its practical consequences may be.
How the firm can help
Support may include organising the information needed for an application, reviewing the creditor list and enforcement matters, preparing documents and representing the client within the scope of a power of attorney.
Summary
A decision about bankruptcy should follow a full review of the financial situation. The court decides whether bankruptcy is declared; the firm helps prepare and manage the matter.
Frequently asked questions
Do I need every document before the first consultation?
No. Bring what you have, such as loan agreements, demands for payment and enforcement letters.