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Monday, October 13, 2008



Yes, personal bankruptcy generally is considered the debt management option of last resort because the results are long-lasting and far reaching. People who follow the bankruptcy rules receive a discharge - a court order that says they don't have to repay certain debts.

However, bankruptcy information (both the date of your filing and the later date of discharge) stay on your credit report for 10 years, and can make it difficult to obtain credit, buy a home, get life insurance, or sometimes get a job. Still, bankruptcy is a legal procedure that offers a fresh start for people who have gotten into financial difficulty and can't satisfy their debts. Consequences of bankruptcy:

  • You may be ordered to pay contributions from your income for up to 3 years at a rate determined by the Court or the Official Receiver.
  • You will be required to disclose your bankruptcy status for certain transactions e.g. opening a bank account, obtaining credit, applying for certain jobs and often this disclosure will present difficulties.
  • Your bankruptcy will publicized in a local newspaper
  • The costs of bankruptcy are normally higher than the costs of an IVA
  • A professionally qualified person such as a solicitor or accountant may have their practicing certificate suspended.
  • If you are a sole trader your business will normally be closed and if you are a company director you will need to resign from your position.
  • A Bankruptcy Order is registered with credit reference agencies for at least six years
There are downsides to both debt elimination plans. One of the biggest downside is that both debt erase plans will significantly impact a person's credit rate. For this reason, declaring yourself bankrupt is a solution of your debt problems that should be evaluated very thoroughly and carefully. Other debt solutions like debt negotiation, debt counseling and debt consolidation should definitely be considered first.




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Current Mortgage Rates*

Loan Type
National Average
30-yr. fixed6.25%
30-yr. fixed jumbo7.62%
15-yr. fixed5.88%
15-yr. fixed jumbo7.12%
7/1 ARM6.62%
5/1 ARM6.38%
3/1 ARM6.25%
1-yr. ARM5.88%
1-yr. LIBOR ARM6.25%
10/1 ARM8.38%
40-yr. fixed7.12%
*Mortgage Rates Updated: 10/12/2008