Re: Alternatives to Bankruptcy?
My advice to you would be to speak to an accountant, there's quite a few on ukbusinessforums.co.uk.
A friend of mine used to work for a debt collecting company.
Basically debts which we're considered a pain in the backside, we're sold by large banks etc, to his company, and he would chase the clients for as much as possible.
For instance.
Natwest has $1,000,000 worth of time consuming debts that people arn't paying.
They sell off the debts sort've like selling a business for say £200,000.
His company would speak to each individual and settle repayments or a upfront sum to clear there debt which would put them at 100% profit, and the debtor paying off half of what they actually owe, but clear of debts.
I'm sure an accountant would be able to elaborate on the best options
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