Bankruptcy
Free yourself from debt
Bankruptcy may be the only option if you are unable to keep up with repayments on your accumulated debts and you don’t meet the criteria for other arrangements such as an IVA or DMP. Bankruptcy policies work by either debtor (voluntary) or creditor (involuntary) making a petition because there is no other viable method to pay off the debt.
By going bankrupt you will lose control of your assets which will then be divided up between your creditors. A bankruptcy order for a first time debtor normally lasts a year and during this time your assets will be governed by a court order.
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