UK Bankruptcy

The proposed self-service bankruptcy petition, that would allow individuals to fill out the necessary forms and file for bankruptcy online, continues to gather momentum amid growing concerns that making such a serious debt solution so easy will be ultimately damaging. It has been prompted by the increasing pressure on the courts caused by the every growing number of bankruptcy petitions. Ultimately, the proposal is still in the consultation stage but industry leader Harrington Brooks is warning against too bullish an approach to bankruptcy.

Making the process quicker and more affordable is an understandable concern. Those facing this severe debt solution are in a precarious position financially and a quick resolution is in everyone’s best interest. A quick-fix mentality to bankruptcy could be dangerous though. A big part of the bankruptcy support supplied by companies like Harrington Brooks is the personal assistance and encouragement that allows individuals in debt difficulty to make important changes to their personal finance. As the most severe debt solution on the market, it needs to be backed up by dedicated debt advice and assistance in drawing up a budget that allows you to regain control of your money.

Already, people looking for a loan are able to avoid any uncomfortable face to face meetings by making any number of credit applications online. There is something inherently wrong with the idea that someone can get themselves into dangerous levels of debt and then go through the bankruptcy process without having to discuss the root of their debt problem with an expert. If bankruptcy becomes too easy, the numbers taking this route could get out of hand and personal debt in the UK could spiral out of control. The consequences of bankruptcy can be serious and wide ranging, so talk to an impartial advisor before taking any steps. There could be a less severe and more appropriate solution available to someone in your situation.

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Harrington Brooks on Bankruptcy
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