Is declaring bankruptcy the right answer for you? Though bankruptcy should be a last resort when dealing with out of control debt, for some it's the right answer.
If you or your business has become insolvent, and you are unable to pay off your outstanding debts, declaring bankruptcy might be the right way to start over financially.
Before declaring bankruptcy
Constraints are in place once you declare bankruptcy. For that reason, it's not a decision to take lightly. Make sure to get as much advice possible about IVA's and debt management plans to make sure that declaring bankruptcy is the only way for you to get out of unmanageable debt.
If your debts are out of hand, it's important to know that a creditor can also declare bankruptcy against you if you owe them more than £750.
Once you complete a bankruptcy application and you've presented your case in court, you can be declared bankrupt by a judge. From there, it could mean a fresh financial start for you or your personal business.
More debt services and advice
It's important to take declaring bankruptcy very seriously. The affects and guidelines after declaring bankruptcy can often last for years and should only be a last resort.
Seek knowledgeable advice from a debt help specialist or debt service to make sure you're aware of the options you can take to deal with debt or insolvency.
Information from Legal Advice Helpline can help guide you in the right direction to find advice on different debt services including IVA's, debt management plans, debt consolidation loans and other debt solutions.