Bankruptcy is a severe last resort for the seriously indebted.
It protects you from your creditors and allows you to start
afresh but you need to think carefully about the implications
it will have. Subject to certain exemptions, bankruptcy means
your assets are sold off and the money used to pay your creditors
(for example life insurance, pensions). You will probably
have to sell your house.
As well as meaning that your situation is advertised in newspapers,
bankruptcy brings with it other restrictions. Those include
having bank accounts and credit cards closed. They also include
having your landlord informed, and in certain professions
a risk of losing your job.
Our best advice model is designed to give you a fair assessment
of the choices open to you. There may be a better solution
than bankruptcy – see how an IVA
can help if you or your partner owe more than £15,000
and either of you are in regular employment.
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