Bankruptcy is a very serious matter. If you become bankrupt you will have to give up any possessions of value you have. If you own a property it may have to be sold. Your personal details will be advertised in a local newspaper and the Official Receiver will investigate your conduct and financial affairs.
You may have to close any business you run and dismiss your employees. Bankruptcy also places certain restrictions on your life.
But you do not have to become bankrupt just because you are in debt.
This tool will help you understand what alternatives may be available to you.
You can save your progress while using this tool. To do so, you will need to log in or register - then you can come back and check or change your responses at any time, and the tool will give you updated advice. Please ensure that before saving, you have answered all questions on the page you are working on.