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'Seek debt advice early on to avoid bankruptcy'

'Seek debt advice early on to avoid bankruptcy'

- Tuesday, 20 April 2010

Those in danger of bankruptcy should seek debt advice rather than sitting in silence, suggests one expert.

In 2009, 134,000 people in England and Wales became bankrupt or took out an IVA and Donal Bannon, a partner of Morecrofts Solicitors in Liverpool, thinks it is easy to focus on the negatives, according to the Liverpool Daily Post.

However there is debt help and advice available for people confused about how to solve their debt problems.

He told the newspaper "Taking advice early on improves the chance of finding a solution to financial woes or at least providing a plan to work through the problem."

The financial expert added that hoping for the best rarely works especially as the recession has hit people hard; particularly businesses who have seen insolvency numbers at a 16 year high, with some claiming this is just the 'tip of the iceberg'.

Mr Bannon has specialised in insolvency for the past 20 years and is a Fellow of the Insolvency Lawyers Association.ADNFCR-2300-ID-19730907-ADNFCR
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