Being made bankrupt has severe consequences for the individual. Not only does it affect their credit rating for six years and ability to borrow, but they may also lose their possessions or their home, lose their jobs as well as lose control of their finances to a trustee. Above all of that, they are named and shamed on a public register.
Bankruptcy should not be used as a debt recovery tool for disputed debts; however, for undisputed debts over £5,000, it applies pressure like no other and identifies those who won’t pay and those who can’t pay.
We are skilled in identifying whether this is the best course of action for you to recover your debt.