Sometimes bankruptcy can be your only option for some people, but there are a number of alternatives, such as IVA or Debts Management, which you should consider before making your final decision.

Advantages of Bankruptcy include:

• Your debt is written off with 12 months, so you get a fresh financial start after this time.
• As long as you keep up on your rent payments, you should still be able to continue to live there.
• No more phone calls or letters from creditors.
• Bankruptcy may be the preferred option if you do not have any assets.

Bankruptcy is for unsecured debts only. The decision to apply for bankruptcy is serious and should only be considered as a last resort and then only if you are unable to obtain an IVA or an alternative debts solution