There are many long term implications with Bankruptcy which need to be considered before you make your final decision. Even if you are insolvent, it is essential that you explore all other routes of debt solution before you declare bankruptcy.

Below is a brief list of some of the disadvantages of bankruptcy:

• All available assets will be sold to your creditors, this can include your home or your car.
• Some future career prospects may hindered.
• Any spare income will be paid to your creditors.
• Bankruptcy remains on your credit file for 6 years.
• Your Bankruptcy Order will be advertised in your local paper.
• Certain debts cannot be written off.

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.