Question

I want to go bankrupt, but I do not know how to do this or what happens? Rog

Answer

Hi Rog,

Without more information, it is difficult to advise if bankruptcy is your best option.

Bankruptcy is a form of insolvency, and does affect your credit, just as all forms of insolvency can. However if you are struggling to repay debts, your credit has probably already been affected.

As to what is your best option will depend on the following:

This limited information can allow me to advise you further.

The process of Bankruptcy itself is fairly straightforward:

Depending on your level of debt, if less than £30,000, you may want to look into a DRO, or Debt Relief Order.

Get back to me and we can look closer at your situation.

Regards,

Jon

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