Bankruptcy is perhaps the most well known debt solution in the UK.
There are many myths and misunderstandings around Bankruptcy but in certain circumstances, it can be a great option for people to regain control of finances and find a lasting solution to their debts.
Bankruptcy could see you debt free in just 12 months but there are quite a few downsides to consider.
Bankruptcy can have both positive and negative impacts on your life for quite some time so it it important to get the facts before making your decision.
- Typically lasts 12 monthsYou could be debt free a year from now
- Write off debtAll of the debt included is written off
- Protection from creditorsThey can no longer chase you for payment