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Contemporary Culture : Bankruptcy Survey Highlights Lack of Awareness

on 2007/2/21 12:20:00 (1670 reads)

(SkyNewswire.com) -- Debt help experts The Debt Counsellors are concerned that many people with debt problems are unaware of the serious nature of bankruptcy.

The Debt Counsellors Annual UK Debt Survey 2007 asked people seeking help for their debt problems about their attitudes towards bankruptcy, and the results show that there are still people who do not realise the risks involved in going bankrupt.

Asked how unpleasant they thought it would be to enter into bankruptcy, 11% of respondents said "a little", 2.3% said "not much" and 1.9% said "not at all". As many as 34.4% said bankruptcy was nothing to be ashamed of.

Similarly, 7.6% of respondents were under the misapprehension that they would not be putting their home at risk by going bankrupt.

In reality, bankruptcy can mean the loss of key assets, including property, and also places future assets at risk. In addition to this, the bankrupt is subject to severe restrictions regarding business activity and obtaining credit.

Also, the process of bankruptcy is very public, with details being published in the press and banks, etc, being informed.

John Porter, a senior counsellor with The Debt Counsellors, emphasises that bankruptcy is a situation that should be avoided if at all possible.

Porter said: "Bankruptcy is not an easy way out of serious debt and there are many reasons why it should be dismissed as such, not least the risk to assets and the severe restrictions it carries.

"The results of the survey show many people are unaware of these risks. However, bankruptcy can often be avoided, even in serious debt cases, through debt solutions like the IVA, or Individual Voluntary Arrangement."

Porter adds: "The best way to learn about the facts of bankruptcy and the ways to avoid it is by getting professional debt counselling."

The Debt Counsellors offer free, confidential bankruptcy advice. For more information see http://www.debtcounsellors.co.uk

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