Bankruptcy

Going into Bankruptcy is a very serious decision to make. You should not make it lightly. You must only seek advice from a Bankruptcy expert such as an Insolvency Practitioner. All the other options available to you should be considered first, such as an IVA where part of your debt can be written off.

In principle, going bankrupt will leave you debt free, but your assets, such as your home, may be sold to pay creditors. There are some debts such as, 'Court fines' and 'student loans' that are NOT written off in bankruptcy.

Unfortunately, there is still a stigma associated with bankruptcy, and your bankruptcy would be advertised in your local paper and the London Gazette.

Always seek expert and professional advice from an Insolvency Practitioner.