Copyright 2006 The Debt Free Student
What is bankruptcy?
Recommended bankruptcy specialists
Bankruptcy is a court order. In certain cases, it is the best way for someone to free themselves from excessive debts. Any assets owned by the bankrupt are shared out among their creditors.
A first time bankrupt with debts will generally receive their discharge one year after the date of the bankruptcy order (there is the possibility that in some cases the bankruptcy discharge period will be less than one year).
The proportion of younger bankrupts, aged between 18 and 29, has risen from just under 8% in 2001 to nearly 19% in 2005. See Article 'the rising popularity of bankruptcy'.
For many it has become less of a stigma and increasingly a lifestyle choice in order to write off the debts they owe.
Bankruptcy will free you from debts so you can make a fresh start and ensure your assets are shared out fairly among your creditors.
Clearly, there are implications to being bankrupt. But the advantage is that bankruptcy provides relative peace of mind and a complete discharge of all debts WITHIN ONE YEAR.
A first time bankrupt with debts will generally receive their discharge one year after the date of the bankruptcy order (there is the possibility that in some cases the bankruptcy discharge period will be less than one year).
The proportion of younger bankrupts, aged between 18 and 29, has risen from just under 8% in 2001 to nearly 19% in 2005. See Article 'the rising popularity of bankruptcy'.
For many it has become less of a stigma and increasingly a lifestyle choice in order to write off the debts they owe.
Bankruptcy will free you from debts so you can make a fresh start and ensure your assets are shared out fairly among your creditors.
Clearly, there are implications to being bankrupt. But the advantage is that bankruptcy provides relative peace of mind and a complete discharge of all debts WITHIN ONE YEAR.
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