Bankruptcy

Bankruptcy is a severe last resort for individuals who are insolvent (can not pay their debts as they fall due) and in most cases will last for 3 years. Whilst it protects you from your creditors and allows you to start afresh you need to think carefully about the implications it will have. Subject to certain exemptions, bankruptcy means your assets will be sold by your Bankruptcy Trustee. If you own your house, your Bankruptcy Trustee may force a sale of your house. For more information on Bankruptcy please refer to Frequently Asked Questions.

There may be a better solution than Bankruptcy – see how a Debt Agreement or a Personal Insolvency Agreement can help if you or your partner have regular employment.

You need to think about the implications of bankruptcy & there may be a better choice