What the Mail on Sunday SaidWritten by Nicola Bullimore
Anyone considering Bankruptcy may have experienced fear after reading an article written in The Mail on Sunday with headline “Bankruptcy cheats face crackdown”. But, how much of what was written was in context of reality of Bankruptcy as it is today?The article implied that since The Enterprise Act 2002 rise in number of people going bankrupt was due to them using Bankruptcy route as a “Get out of jail free card”. The assumption being that The Enterprise Act 2002 made bankruptcy an easy option. However, writer didn’t take into consideration actions DTI have taken to raise financial awareness and to ensure better advice is given regarding people’s options when faced with personal debt issues. The article gave impression that one of restrictions of bankruptcy was that you could not open a bank account until you are discharged from bankruptcy. However, there are infact 40 basic bank accounts, half of which will allow an undischarged bankrupt to open an account. This in itself indicates writer of article is not fully aware of effect of bankruptcy, therefore giving impression that article could possibly be result of poor research. The Enterprise Act 2002 (bought into force in April 2004) was made to give honest people a fresh start in life, which would be free from stress of debt. Not for purpose of encouraging people to “use insolvency as a way of shaking off creditors”. The writer implied that provision, which allows IP to request a restriction order on a bankrupt, is hardly used. Perhaps this is because, people who lodge petitions for bankruptcy have not gone out to get themselves into huge amounts of debt and are genuinely unable to repay their debt due to unforeseen circumstances, rather than fraud, recklessness or dishonesty.
| | How Can I Stop Foreclosure on My House?Written by Mark
We understand being in foreclosure is a scary thing. You are probably wondering how can I stop foreclosure on my house. There are many options available when facing foreclosure. They may include reinstating loan, forbearance, loan modification, mortgage refinancing, sale of property, deed in lieu of foreclosure, or bankruptcy filing. There are also many services that will work with your to help with your situation. These companies are able to tailor a plan specific to your needs. It is most important to know that time is your worst enemy when facing foreclosure. Even if you are just one payment behind, you should do something rather than wait until you are even more behind. This may sound like common sense but many people fail to do something, and just pretend like nothing it wrong. Seeking help before you are 90 days or more behind on your payments can greatly increase your chances of success. Here are a few tips if you are facing foreclosure. First no not ignore any attempts of contact from your lender specifically letters. If you can not keep up on your payment, call or write to your lender and explain your situation. Be prepared to give financial information, and tell them that you would like to work out an arrangement until you can resume making timely payments. It is also a good idea to keep records of any contact you have with your lender. Keep in mind that any workout plan you agree to with your lender should be realistic, don’t agree to something you can’t follow through with.
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