Bankruptcy

Bankruptcy is the “sledgehammer” of debt management.

If you have no foreseeable way to pay debts and no or few assets this can be a good tool to control and get rid of your debts. Usually if you make yourself bankrupt it can only last 12 months but may have effects on businesses you can run and other restrictions may apply.

Always seek advice on such matters as it can be a long drawn out process and there is also quite a large court fee to make yourself Bankrupt.
 

For further information regarding Bankruptcy and the implications it may have on your life please click on the followinf link: http://en.wikipedia.org/wiki/Bankruptcy_in_the_United_Kingdom