Bankruptcy is a solution which can be used for dealing with unsecured debts which you are simply unable to repay in a reasonable period of time.
Once you are bankrupt, you will not pay anything towards your debts unless you can afford to do so. If you can afford to make a monthly payment towards your debt then these payments will only last for a maximum of 3 years. After that your debts are taken away from you and you are no longer liable to repay them.
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Traditionally bankruptcy has been seen as a last resort for dealing with debt to be avoided unless absolutely necessary. However changes to the bankruptcy rules over the past few years have mean that bankruptcy has become a much more attractive and sensible debt management solution for many people.
Bankruptcy is even an option which can be seriously considered by homeowners. Declaring yourself bankrupt does not automatically mean that you will lose your house particularly if there is little equity or the property is in negative equity.
As well as the information found on this website the Government’s Insolvency Service has produced a useful guide to personal debt solutions which you might also find useful: “In Debt – Dealing with your creditors”.
The Money Advice Service (MAS) are an independent service set up by the Government to provide people with free advice about all aspects of personal finances. For help from MAS if you are struggling with debt please follow this link: MAS – Help if you are struggling with debt.
It is also recommended that you read this one page document produced by MAS entitled “Dealing with debt – 5 things you should know”.
More information about the Bankruptcy solution is available in the left hand column. However only a brief overview is given here. For more details and advice please see one of our dedicated information websites:
If you decide to go Bankrupt there is nothing to stop you carrying out this process yourself. However if you would like help WTFS can provide a Bankruptcy Assistance service. For more information see: Bankruptcy Assistance Service.