Bankruptcy is on the rise for the middle class

Bankruptcy and debt problems are at an all-time high for the middle class. Parents in particular are seeing a large increase in debt levels and insolvencies because of the high costs of raising children. The average cost of raising a child is £27.50 per day from birth to the child being 21 years of age.
The debt problems of many also stem from high divorce rates and redundancy levels being heightened.
On average over 450 people every month become unemployed for a period of 12 months or more and 337 people every day will be declared bankrupt or insolvent.
Debt worries are exacerbated for the middle class as a typical family face a £1500 drop in income because the wage increases cannot compete with the rising cost of living
The highest rate of insolvencies remains among people who receive benefits, but the rise in debt problems, bankruptcy and insolvency among the middle class is very concerning.
If you are currently considering bankruptcy or have debt worries, contact Debt Release Direct on 08000197465 for debt advice.
Visit Debt Release Direct at http://www.debtreleasedirect.co.uk

Bankruptcy
Bankruptcy is a legal process which becomes an option when your debts are greater than your assets, and involves writing off all of your debts so you can no longer be chased for them. An Official Receiver will be put in charge of your estate and may sell your assets for the benefit of your creditors. The official reciever will also decide whether or not you can afford to make payments to your creditors for up to three years. Declaring yourself bankrupt can write off all debts, usually in 12 months, but you may struggle to get credit in the future.

Is Bankruptcy right for me?
Before you consider bankruptcy it is vital that you discuss your situation with a professional, as it may have permanent implications on your ability to get credit or certain jobs in the future.

Whilst in many cases it can be the best or only solution to an individual’s debt problem, sometimes it may be better to consider an Individual Voluntary Arrangement (IVA) or other solutions that do not carry the same long-term consequences.

Debt Release Direct can offer you unique, personal advice on how bankruptcy will affect you, your assets and your job. If you would like to speak to a Debt Release Direct advisor to discuss your options, you can call for FREE on 0800 804 7538.

What are the advantages of Bankruptcy?
You have complete legal protection from your creditors
You no longer have to pay your creditors directly
At the end of your period of bankruptcy (usually 12 months), all your debts will be written off
What are the disadvantages of Bankruptcy?
You may lose any property or valuable assets you own
You may be refused certain jobs in the future
During your period of bankruptcy your ability to obtain credit will be restricted
You may struggle to get credit in the future, even after you have been discharged
How can Debt Release Direct help you with Bankruptcy?
From the first phonecall, our bankruptcy specialists will be able to dispel common bankruptcy myths, answer any questions you have and give you professional debt advice.

Bankruptcy can be a frightening and intimidating experience when done alone. Our advisors can fill in the necessary forms for you, talk to you before and after your court appearance and provide you with all the advice and help you need. We can also provide you with a brand new bank account that gives you savings at many high street stores and will not be closed because of your bankruptcy.