About 600 bankruptcies and 3,800 county court judgements a day prove that, for a variety of reasons, people get into extreme financial difficulty.  Often this is not their fault at all, but caused by circumstances completely beyond their control. 

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The top 12 reasons for Bankruptcy and pressure from creditors are:

 

• Using credit for living expenses 

• Student debt 

• Job loss 

• Business failure 

• Reduced income 

• Divorce 

• Unexpected expenses 

• Bad budgeting & overspending 

• Mortgage arrears 

• Gambling or other addictions 

• Long term sickness 

• Unpaid fines or bills 

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With proper estate planning you can ensure Bankruptcy & pressure from Creditors doesn’t mean that your beneficiaries have to lose their inheritance. 

 

Example - Son Loses His Inheritance in a Business Venture 

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Keith left his son, Matthew, an estate of £400,000. 

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Matthew was a self-employed civil engineer.  He had a long term contract with a large construction company, and employed a number of staff to service this contract.  Unfortunately the construction company went into liquidation owing Matthew several months of fees.  Matthew had to pay his own contractors and also had to pay for all the materials used in the contract, even though he had received nothing from his customer. 

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The total debt incurred was £300,000.  By the time all the legal costs had been paid Matthew’s entire inheritance from his father was lost. 

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If Keith had used the principles outlined in this website the £400,000 he had left his son would have been protected.  Matthew would have had access to this money to start over again rather than having lost everything through no fault of his own.