We will not recommend bankruptcy as a solution to a serious debt problem if we consider there is a viable alternative.

Bankruptcy is a public experience as it is always advertised in your local press.

Bankruptcy should not even be considered if you have any personal assets which you do not want to lose, even if there is little or no equity.

Although it is publicised that bankruptcy can be discharges within twelve months, this will happen in relatively few cases.

Even after being discharged , bankruptcy can affect your ability to obtain any form of credit for many years to come.  Being declared bankrupt is a very public matter.  Some effects of bankruptcy are:

Bankruptcy is always advertised: The petition will be advertised in your local paper and in the London Gazette.

Everyone Financially linked is informed: Your bank, building society, creditors, and landlord will be told straight away. Your employer may also become aware as your Tax Code for PAYE will be set to zero.

Future assets will be lost: Any asset that might have been acquired during the term of the bankruptcy, such as inheritances, insurance payout's/maturities, equity in property, windfalls, etc., and possibly pension income.

All accounts closed: Bank accounts will be closed. Anything that is being purchased by lease or HP, such as your car, will be returned straight to its owner.