It’s important that you understand bankruptcy and the alternative options.
England and Wales & Northern Ireland
Formal Solutions are legally binding for both you and the people you owe money to (your creditors)
Debt Relief Order (DRO)
Like bankruptcy, but suited for simple cases where debts are smaller, there are no assets to consider nor ongoing payments required.
Individual Voluntary Arrangement (IVA)
A popular solution which grants some debt write-off while allowing you to retain more control than bankruptcy.
Administration Order (CCAO)
A way to be allowed to make reduced payments towards a debt subject to a CCJ if you can’t afford to pay by its terms.
An Informal Solution is one which is not subject to legally binding terms.