What is bankruptcy?
Bankruptcy is one way of dealing with debts you cannot pay. Becoming bankrupt is a very difficult decision and it should only be taken as a last resort.
The bankruptcy proceedings:
- free you from overwhelming debts so you can make a fresh start, subject to some restrictions, and
- make sure your assets are shared out fairly among your creditors.
Once you are made bankrupt you have a duty to provide information to the official receiver and the trustee, and attend their office as and when required.
For more about bankruptcy see our leaflet Guide to Bankruptcy (DOC, 2.2 Mb) .