Bankruptcy is a voluntary debt solution that can help individuals write off unsecured debt. The type of individual applying for this solution wants to draw a line under their debt, and have it written off, so that they can move forward with rebuilding their financial health. This solution is designed to be used only when you are genuinely unable to meet your unsecured debt obligations and repayments. or if you have already tried Debt Review and been terminated.
What would you like to know?
Bankruptcy is a legal process through which individuals or entities who cannot repay debts to creditors may seek relief from some or all of their debts. Bankruptcy is imposed by a court order,.
This is a court procedure where the entire process ordinarily takes about four to five months to complete, and during that period, your Creditors cannot take any legal action against you.
The most important upside to bankruptcy is its ability to eliminate some or all of your debt. You are legally released from your contractual obligations of repaying your unsecured debts.
The one disadvantage and probably the one that has the most impact is the fact that you cannot apply for credit until Credit Rehabilitation occurs, which can take 24 to 36 months.