Going Bankrupt

If you face overwhelming debts, going bankrupt can sometimes seem like the only option available to you. Although does deal with most of your debts, bankruptcy is an intrusive and often painful process, which will have serious consequences in both the short and long term.

Before you think about bankruptcy the best thing to do is consider any other courses of action that you could take, these include:

Getting advice from an independent financial expert
Consolidating your loans to reduce your monthly debt payments
An Individual Voluntary Arrangement between you and your creditors where you agree to make single affordable payments for a fixed period of time
An informal compromise between you and your creditors to pay off your debts

If want to discuss bankruptcy with someone or talk about debt problems, complete our Debt Management Advice form and we will put you in touch with a financial specialist.