Bankruptcy

To declare bankruptcy should only be considered as a final option in terms of reducing your debt as it is a very difficult process to have to go through for anyone.

Before considering declaring yourself bankrupt, you should have already looked at other options. These options include IVA (Individual Voluntary Arrangement) or a Debt Management Plan;These will allow you to pay back the people you owe money to without having to go through the process of bankruptcy. It may also reduce the risk of damaging your credit facilities in the future.

If bankruptcy is the only solution left then there are many support services and specialist advisors that can help you.

The most basic criteria for bankruptcy is:

• That you have very little or no disposable income
• That you are unable to make the paymets on your debts