You should seek advice from one of the free independent advice organisations listed on this site to ensure the best possible advice for your circumstances is given.

Bankruptcy is a court order that you can apply for when you are in debt.  It is a serious matter and has advantages and disadvantages which need to be carefully considered. Bankruptcy usually lasts for 12 months but can last up to 3 years.  It will stay on your credit file for 6 years, during which time it will be difficult, if not impossible, to obtain credit.  If you own a home, you may lose it and be forced to move and it can affect your employment status if you work in certain sectors.

For further information on Bankruptcy, please go to http://www.insolvency.gov.uk/

^{The information provided in the Customer Advice section of our website is intended for general information purposes only. The information provided applies to England & Wales only, and is not a full statement of the law.}