What are the benefits of filing for bankrutpcy?
I have problems in making an alternative private arrangements with my creditors to repay the debt I owe them and with my current situation I think it is unlikely for me to pay for my debts in full which is why I am considering filing for bankrutpcy as an option but what are the actual benefits of filing for bankruptcy?
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A good question indeed. Given your current situation, it is highly recommended that you file for bankruptcy so that your debt would stop accumulating and your monthly repayments would be lower. After the making of the Bankruptcy order, your creditors cannot charge interest for the principal sum that you owe them and unlike before, your Official Assignee will decide a suitable amount of monthly contribution that you willhave to make after taking into account what you need for yourself and your family.