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Facing Repossession or Bankruptcy?

If your home is at risk of repossession, there is help available.

If you have equity in your home, bankruptcy can be avoided with a quick sale.

Webuynationwide offers this service to many satisfied customers, most of whom complete their sale within 28 days from start to finish.

Sounds too good to be true? It's not. This is a perfectly legitimate way to rebuild your future and many people are doing so with the help of Webuynationwide every year.

You may be wondering, what's so bad about Bankruptcy? Isn't it true that it’s easier these days, and it will leave me with a clean slate? Not exactly. Read on to find out more...

Bankruptcy should be seen as a very last resort. There are numerous devastating and in many cases crippling consequences to bankruptcy. It will never be as simple as having a clean slate and moving on with life. It may not just affect your credit rating, but also your career. If you are facing your home being repossessed, it may well be that the best alternative to allowing this to happen is to 'beat the bailiffs to it' by selling your home with a fast sale to us.

This may allow you to pay off your debts with the released equity and ultimately have a chance of repairing your credit rating as opposed to in effect 'destroying' it by being declared Bankrupt.

Listed below are the basic drawbacks to becoming Bankrupt. Before beginning the process of declaring oneself bankrupt or allowing the bank to declare you bankrupt, you should research exactly what it would mean to you and your family.

The debtor will lose any assets of value.
Though they may not be sold immediately and, perhaps, not even until after the bankrupt has been discharged. If the debtor owns equity in a home, this will almost certainly be repossessed and sold very cheaply to cover the debt. You could loose thousands of pounds and your home.

If a business is owned, this could be sold and any employees dismissed.

Current accounts can be difficult to obtain, though there are some very basic accounts which include a cash card offered by a limited number of banks and building societies.

Debit cards become virtually impossible to obtain.

Bankruptcy can ultimately be expensive. All fees for the insolvency service, courts and any trustee are taken out of the debtor's assets. There is a 15% levy on all sums received by the Official Receiver/trustee.

Following the bankruptcy, if trying to obtain credit of more than £500 the debtor must disclose his status as an un discharged bankrupt. The debtor must allow all his financial affairs to be scrutinized, and can face criminal charges if irregularities are found.

A Bankrupt cannot hold certain public offices, such as MP, councillor or magistrate, or practice certain professions, such as solicitor or accountant. They also may not hold office as a trustee of a charity or a pension fund. Nor can a bankrupt be a company director or trade under any other name than the one used at the time of bankruptcy. Names of those made bankrupt are published in the London Gazette and the local press and can be viewed online at the Insolvency Service website, making them accessible to anyone in the world.

If after reading this brief guide to how Bankruptcy may affect you, you would like help to avoid this action by selling your property fast in order to pay your creditors before action is taken against you, please submit an enquiry online now and we will be in touch with you ASAP to discuss how we can help you in your individual circumstances. All details will be dealt with in the strictest of confidence.