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Bankruptcy should be at the very bottom of your list of “ways to get out of financial difficulty”. Although it may sound like a hassle-free way to sort out your debts, it will mean losing all your possessions, including your home, your car and some of your income if that’s what it takes to pay back your debts. Bankruptcy is a serious legal procedure and you shouldn’t consider it until you’ve had a good look at all the alternatives.
Sell your home – the best alternative to bankruptcy
Bankruptcy is not only disruptive; it's also very public. Whether you file for bankruptcy yourself, or your creditors file bankruptcy papers against you, your details are published in the local papers, and it's easy for your circumstances to become widely known. Someone will be appointed to manage your assets during the bankruptcy period and, depending on how much you owe, they have the power to sell your house and some of your possessions in order to raise the money they need to pay back your debts. This not only puts you in danger of losing everything you own; it carries with it a stigma that will be on your credit record for many years and will prevent you from holding certain positions, including those in business.
Sell your home instead of considering bankruptcy. You will be in full control of the sale, and you can use the cash you receive from the sale to pay your debts. You can decide to sell your home through an estate agent, but if you want to avoid months of extra interest charges on your debts, you should think about selling for cash, which will complete much faster, letting you pay off your debts sooner rather than later. If you sell your home this way, you can also arrange to rent back, so that you don't have to move out of your home at all. No publicity, no shame, no loss of control.
The Smarter Choice is a company that's dedicated to helping you to sell your home and rent it back. We're available 24 hours a day, seven days a week, and we try to ensure that you get a written valuation for your property within 48 hours of your enquiry. We offer a guaranteed, stress-free sale for a fair cash price. Call us FREE on 01632 960543 now or use our online enquiry form and we will get in touch with you as soon as possible.