6 Hot PiggyBob’s Avoid Banruptcy Tips
1. Know the law: The Insolvency Act (1986) introduced the IVA. Repay an amount of your debt each month based on what you can actually afford.
2. Consider alternatives: A bankruptcy filing can stain your credit record for up to 10 years, so try to work out payment options with creditors instead.
3. Go online: The Internet hosts a great deal of information and tips for consumer seeking advice on bankruptcy; visit legal and financial sites first.
4. Consider options: It’s a good idea to consider alternatives to filing bankruptcy if at all possible; new laws have made it more difficult to file.
5. Ask for references: Family members and friends who filed bankruptcy in the past may be able to refer you to a reputable bankruptcy lawyer.
6. Come prepared: Bring your lawyer a list of creditors and amounts owed, including insurance, medical bills, auto loans, taxes, student loans and any personal loans.
Article by Nakagava Ltd., creator of PiggyBob™, the first truly user friendly personal finance software and time manager. PiggyBob™ is an extremely convenient tool to help you keep track of your income and expenses, plus a very useful printable calendar to record all important events in your life. All the data you record in PiggyBob™ can be handily visualized in graphs.
