There are a number of reasons why bankruptcy can be a contentious word. To start with, it relates to the kind of situation where a debtor is not able to satisfy creditors and has to turn to the help of the courts for protection. At the end of the day, everyone loses out with a bankruptcy.
To say it again, with a bankruptcy situation there is nobody that wins. It ends up being a losing situation for everyone that is involved. The debtors will lose just about everything that they own, unless they are fully advised and careful, and the creditors will end up losing their money when the courts and any bankruptcy trustees end up taking their cut by the time everything is all said and done.
It is important that anyone who is reading this and considering a bankruptcy pays attention. If you find yourself in this situation, find a solicitor such as H & C who have offices in Camberley Surrey and Wokingham Berkshire, who will be able to help this process be as painless as possible. Whether you are looking to file for bankruptcy or insolvency, or you are advising a client on how to proceed, you can always fall into a situation that is similar to Russian Roulette and nobody really gets anywhere.
It is always best to learn all that you can about bankruptcy and the entire process so that you understand what to expect moving forward as well as any of the fees that you may end up paying to solicitors and accountants.
There is also a hidden cost that many people never think about for a bankruptcy, which includes the cost of ill health that comes about due to all of the stress of the whole ordeal. This is the large elephant in the room that nobody seems to want to address, but yet they all know that it exists.
Many of the people who are faced with filing a bankruptcy that will have ill health in the form of high blood pressure. As a matter of fact, high blood pressure is something that has grown by epidemic proportions all over the country, so going through a bankruptcy can simply compound matters even further. Both stress the elevated blood pressure can come on with all of the comings and goings that are associated with the bankruptcy filing and the processes that are involved with the courts and creditors. The unfortunate truth is that some people will fall with fatal consequences.
Society today is truly powered by worshipping all things financial, so much so that many people do not stop to take into consideration any of the human costs that are involved. There are some people that have had a wonderful business career and home life, filed for bankruptcy and ended up falling into poor health and now have issues with trying to get any good job prospects and are stuck on the lower rung of the business totem pole.
Who really gains by all of this? The fact of the matter is that there is nobody that really wins. Both the people filing for bankruptcy and the creditors will lose. By the same token, if you are a solicitor and you are advising someone when it comes to the matters involved in bankruptcy, it will be crucial that you get all of your background research done properly and do your due diligence for the benefit of your clients. The last thing that you want to do is simply add to a problem and make it worse for everyone that is involved.
The truly sad thing about bankruptcy and all that it entails is that you will find very few lawyers that will care about what happens. Many are simply looking for their pay day and any of the bonuses that are involved with taking on an open and shut bankruptcy case.