Bankruptcy is perhaps the best known, but least understood, of all the insolvency procedures. Depending on your situation, it could be the correct way to write off debts that are simply unaffordable. But it could also be an expensive mistake in the wrong circumstances, so you need to consider all your options before choosing bankruptcy, to make sure it is right for you.
There are free debt counselling and debt adjusting services that are available to you and you can find out more by contacting the Money Advice Service. You can follow this link for more information: