Bankruptcy?

If you're thinking of declaring yourself bankrupt, you need to consider it very carefully.

Bankruptcy is a severe consequence of debt and whilst it can often be a good way to make a fresh start, going bankrupt can have some serious down sides.

If you are considering going bankrupt then you should always seek professional advice from a bankruptcy specialist. There are often a number of alternatives to going bankrupt such as IVAs and debt management plans.

People who go bankrupt will be protected from any legal actions from their creditors and the debt that can't be paid back is usually written off. Whilst these benefits are often enough for someone to choose to go bankrupt, there are also negative points such as: your valuable assets (such as your home) may be sold, your bankruptcy will be advertised in local papers, and your credit rating will be adversely affected and new employment opportunities maybe restricted.

Before making a decision on whether to go bankrupt, you need to seek specialist advice and consider your options carefully.

Please have an informal chat with one of our very experienced debt advisors. Call FREEPHONE 0800 530 0085 before taking the plunge. Going bankrupt is just one solution to debt. You should always consider alternatives.