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Bankruptcy is a very serious decision to make, and all the other options available to you should be considered first, such as an IVA where part of your debt can be written off.
Bankruptcy proceedings eventually free you from overwhelming debts, however, any assets that you have may be sold and the proceeds shared amongst your creditors. Depending upon your individual circumstances, assets could be defined as: house, car, valuables & insurance policies. Some debts such as, 'Court fines' and 'student loans' are NOT written off in bankruptcy.
Sadly, many people believe that there is still a stigma associated with bankruptcy. A bankruptcy would be advertised in your local newspapers and the London Gazette.
If you would like more information, ring Debtsolver now on Telephone 08000 434 336 (Free for UK residents only).
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