Bankruptcy is the last resort of dealing with your debts, and is ill-advised if there are other solutions available.

This option should only be considered if you feel there is no way in which you can maintain payments to your creditors, as well as your basic essential outgoings, for example rent and food.

When considering bankruptcy, you should also take into account that if you own any valuable assets, these are likley to be used as a contribution towards repaying your debts.

Bankruptcy, however, does ensure that you will be debt-free within a set time frame (usually within 12 months), and you will be able to make a fresh start. You will also be protected from any legal action creditors are looking to take.

Bankruptcy does affect your credit for 6 years, and can also affect you working in certain areas, as your current employer, and potential employers, legally have a right to know. Notice of your bankruptcy will also be posted in your local newspapers.

For further information, please call our specialist advisors on FREEPHONE 0800 954 0452, or please submit your information, using the Quick Enquiry Form.