Bankruptcy is one way of dealing with debts you cannot pay. The bankruptcy proceedings:
- Free you from debts so you can make a fresh start, subject to some restrictions;
- Ensure your assets are shared out fairly among your creditors.
Many of us have experienced cashflow problems from time to time but bankruptcy is reserved for those who cannot themselves make arrangements to address their problems. Some people choose to petition for their own bankruptcy as a responsible way of coming to terms with their financial problems while others are made bankrupt as the result of the presentation to the court of a petition by one of their creditors.
Advice should be sought before your decision is finalised to declare yourself bankrupt.
Unfortunately we are unable to offer assistance to individuals and would suggest that you seek advice from your local Citizens Advice Bureau.