When you file bankruptcy you will lose your home, car and other possessions, your credit score and professional life will be affected. If you feel that you're at the end of the rope financially and find no option to deal with your debts, you should consider BANKRUPTCY - it is the quickest way to GET OUT OF DEBT! However there are other alternative to help you get debt free. An Individual Voluntary Arrangement (IVA) is a realistic alternative to bankruptcy which the government introduced as part of the Insolvency Act 1986 to give people a second chance. It is a legally binding structured repayment plan which benefits both you and your creditors. An IVA usually lasts for 5 years and you could potentially have up to 75% off your debt written off.

Bankruptcy UK - Lose All Your Debts And Start Fresh!

When you've filed for Bankruptcy all your possessions and all the income you receive from various sources will be combined into lumpsome which will be used to pay your creditors. Bankruptcy allows you to partly repay your outstanding bills and when you have repaid the agreed amount, you are DEBT FREE.

So how do you find out if you qualify for bankruptcy? Bankruptcy petitions are presented by a creditor who is individually or jointly owed £750 or more. However you can file for personal bankruptcy if you feel that you have no realistic chance of repaying the debt.

So you have filed for bankruptcy - What restrictions would you face?

• You can't obtain credit for any amount more than £500 without informing the lender that you're bankrupt
• You stand to lose some positions of authority in case you're a high ranking officer
• You can't continue as a director of a company while you're bankrupt
• Your name bankruptcy will be publicly announced in the local press

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