If you’re facing serious financial ill-health, you may find that filing for bankruptcy is the best debt solution for your circumstances. There is a certain stigma that surrounds bankruptcy but you should remember that there is nothing sinister or punitive about the process. For those facing severe debt problems, bankruptcy may be their only option.

Proceedings will free you from overwhelming debts but your assets may have to be sold to help pay them off. This could mean your house, car, valuable items and insurance policies. Also, debts like 'Court fines' and 'student loans' are not written off.

Before settling on bankruptcy as a debt solution, you should speak to a Debtsolver advisor about any alternative treatments for your financial ill-health. This is a very serious decision to make and you should consider all of the other options available to you. For example, an IVA will write off part of your debt, allow you to make more affordable monthly repayments and remain a private matter.

We’ll offer you specialist advice on the alternatives before you make a final decision. An IVA will often provide the most realistic alternative,but it’s about find the right solution to suit your personal circumstances.

Have a free financial health check and see if this is the best debt solution to suit your situation. One of our dedicated advisors will make a debt diagnosis and prescribe the best course of action to suit your circumstances.