Bankruptcy Laws

If you are completely unable pay off your debts, bankruptcy is an option designed to give you a new start by wiping most of your debts. However, bankruptcy laws can be complex and have serious short and long tem consequences attached, so you should make sure you fully understand them before you think about declaring yourself bankrupt.

Before declaring yourself bankrupt, make sure you have fully understood:

The long term consequences – including the impact on your credit rating which will affect things like your ability to secure a mortgage.
Short term consequences – often particularly severe; for example you will lose control of your assets
Alternative solutions to debt problems

If you want to know more about bankruptcy laws or discuss what options you have apart from bankruptcy, complete our Debt Management Advice form and a specialist financial advisor will contact you.