Going Bankrupt?

Badlands_2

My friend owes over £55,000 on loans & credit cards.
He cannot keep up his payments.
He has been advised to go Bankrupt in the new year.

He was told that in doing so all his debts would be wiped out & he would be ready to start over.

Is it really that simple? What effect would going Bankrupt have on him.


Thanks.

rog2

Badlands wrote:

My friend owes over £55,000 on loans & credit cards.
He cannot keep up his payments.
He has been advised to go Bankrupt in the new year.

He was told that in doing so all his debts would be wiped out & he would be ready to start over.

Is it really that simple? What effect would going Bankrupt have on him.


Thanks.

Tell your friend, please, that 'it really isn't that simple'. Bankruptcy IS one way that you can deal with your debt, and, if the situation is 'hopeless' then it CAN BE the best way.
It is not so straightforward as your friend appears to suggest, and without knowing his full circumstances it is difficult to give the best advice.
May I suggest that he speaks with CCCS, CAB or PAYPLAN, before taking a decision that he may live to regret.
Perhaps Bankruptcy IS the best solution for your friend, but make sure he understands ALL the implications.
Equally, may I suggest that he/you have a good look through the Bankruptcy Club and Supporters Club thread, where most of his questions will be answered.