I have been receiving quite a few phone calls over the past couple of months from people already in bankruptcy and totally clueless as to what has occurred and what will occur.

I am not saying/writing this to be critical in any manner, as I sympathise and understand their plight.  But I am also amazed that people would make themselves bankrupt without having some knowledge as to what will happen.  They simply did not research the subject at all, or very little.

In speaking with many of them, their filing for bankruptcy was a knee jerk reaction to all the collections calls from their creditors and being chased for payments they did not have.  And bankruptcy is a solution to all this.

A few were made bankrupt and had phoned to inquire as to what would happen next.  Unfortunately, two people I spoke with were made bankrupt for not paying their council taxes, and both of these people owned property, with equity, which they would now lose.  When asked, they could offer no good reason as to why they failed to pay the council tax, and now all their debts were due from the bankruptcy.  I really felt bad for the one couple and gave them some solid advice to possibly reverse the bankruptcy, which would save the home.

Bankruptcy is a serious matter and one not to be entered into lightly, but with that being said, it is the quickest way to be relieved of debts and get out of debt.  It is not a good money management tool, but to be used as a last resort.

Also, it is something that needs to be researched, and there are many excellent web sites with information on bankruptcy.  Our web site is a great place to get not just an overview of the process and what will occur, but also offers assistance, and information on what to do after the bankruptcy is discharged.

Of course even with all the information out there, some people do need to speak directly with an advisor or have circumstances that are bit more complex than what may be outlined on the site.  For this, by all means phone and speak with someone, or get an appointment if needed to speak to someone face-to-face.

If you are reading this, you may be in that process already, contemplating bankruptcy and looking for information.  If this is you, good, and we are here to help as best we can!