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The Truth About Bankruptcy

13 February 2009 - 11:35 Unless you need to protect any assets or equity, the worst thing that can come out of bankruptcy is an Income Payment Agreement or an Income Payment Order.
In the majority of cases this still works out as a better option than an IVA or Debt Management Plan.

IVAs and Debt Management Plans are not well-suited for everyone, but creditors would of course still prefer consumers entering into these to avoid bankruptcy.

Bankruptcy is a legal solution to eliminate your debt, and one that should be explored.
Here's what the UK government Insolvency Service has to say about bankruptcy:

“Before you take any action to apply for your own bankruptcy, you should get your own legal or financial advice about bankruptcy and the other options available to you. The Insolvency Service and the courts cannot advise you on specific insolvency problems; for example, whether you should go bankrupt or your company should go into liquidation, or whether you should look at alternatives. You should get independent advice. You may consult a solicitor, a qualified accountant, an authorised insolvency practitioner or a reputable financial advisor.”