When you have mounting debts with no prospect of paying them off, applying for bankruptcy can be an efficient way to treat the situation and provide you with an opportunity to have a fresh start.

Personal bankruptcy will clear all of your unsecured debts, but in doing so it's going to stay on your Credit File for six years, which will have an impact on your future borrowing during that timeframe. Another method of insolvency is an IVA, which could be ideal in case you have equity to protect, or a profession that is excluded from personal bankruptcy.

If bankruptcy certainly is the answer you're looking for, then the required documentation will eventually be submitted to your local County Court.

For those living within Croydon we have included the court details below. You only need to contact the court if you already have everything prepared, including your Statement of Affairs and Debtor's Petition, and you are ready to finalise the Bankruptcy Order.

To arrange a consultation you can complete this online form, and an experienced Advisor will be in touch to assess your situation and advise you accordingly.