Bankruptcy Advice Somerset
Today I visited a lady who is living in Glastonbury who needed debt help. She was considering going Bankrupt, but just wanted to make sure that she was making the right decision on going Bankrupt.
Full Financial Fact Find
I went through her long list of creditors, and also did a full financial fact find on her. During the course of doing this we also discussed many things relating to her debts. I also asked her what she wanted to do in the future, as this too can have an effect on what the best debt solution would be for her.
Well everything appeared to be fine, and I could not really see any reason why she should not go bankrupt. She did not have a property, and therefore her property would not be at risk in Bankruptcy.
I then asked as her how her relatives were (I always ask this), and she went on to tell me how ill her mother was. It turns out that dad had died a few years ago and currently her mother was very ill. This rang alarm bell for me, so I investigated further. It turns out that should mum die in the near future, she would get the house and also any other funds that her mum and dad had accumulated!
So now it looked like bankruptcy was off the table. If she went bankrupt and then if during the course of her bankruptcy mum died, the Official Receiver would then be able to seize those assets and use them to pay their fees and pay creditors!
So now we had to take a new approach for a suitable debt solution. Maybe a Debt Management Plan followed by a Full & Final Settlement?