Bankruptcy Is Available To Anyone, Including The Duchess Of Yorkposted on 8 August 2010 | posted in General Category | ( 0 ) CommentsNo matter what people think, who you are, how much money you earn, or how much money you owe, whether your famous or whether your not, bankruptcy is an option available to anyone including royalty. The Duchess of York is doing “everything she can” to avoid bankruptcy as she struggles to manage debts running into millions of pounds, it was revealed today. Sarah Ferguson has paid off all her personal debts, her spokesman said, and her business debts – some of which are disputed – were “being managed”, although voluntary bankruptcy was still an option. Ferguson’s money woes became public after a newspaper claimed her personal and business debts had risen to almost £5m, prompting fears in the royal family that bankruptcy was now her best option. However, her spokesman said the figure was exaggerated. Sources said later that the Duchess owed around £2m. Ferguson’s spokesman said she was reluctant to declare herself bankrupt. “There is a number of options open to the duchess, of which bankruptcy is one. But it would be premature to say she is going into bankruptcy as the situation is being managed,” she said. Ferguson would benefit from bankruptcy, even if it proved an embarrassing experience. It's a simple civil court procedure which will enable her to walk away from every single penny of her debt. If your assets are of a lesser value than your debts and if your income is not great enough to meet your expenses, it's a good option. In Sarah Ferguson's case, it's a matter of the higher you climb, the harder you fall; it could be publicly humiliating if every dirty detail of her debt were to be made available in the high court, however you have to think of the data protection act etc, as this surely would play a part here. So this just shows that no one is safe from debt, and we strongly advise anyone who has concerns about their debts, including the Duchess, to contact us now for fair and impartial advice. No one should go bankrupt without first seeking help from professional and qualified advisors like ourselfs. Share this blog entry:
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