Before declaring yourself bankrupt, we urge you to consider it very carefully.
Bankruptcy is a severe consequence of debt and whilst it can often be a good way to make a fresh start, going bankrupt can have some serious down sides.
when considering going bankrupt always seek professional advice through a bankruptcy specialist. There is often a number of alternative routes you can opt for before going bankrupt such as an Individual voluntary agreement (IVA) or debt management plan.
People who go bankrupt will be protected from any legal actions from their creditors and the debt that can't be paid back is usually written off. Whilst these benefits are often enough for someone to choose to go bankrupt, there are also negative points such as:
Before making a decision on whether to go bankrupt, you need to seek specialist advice and consider your options carefully.
Please have a FREE informal chat with one of our very experienced debt advisors. Call FREEPHONE0800 987 5337 or fill in our call back form before taking the plunge. Going bankrupt is just one solution to debt. You should always consider alternatives.