When you have mounting debts with no prospect of paying them off, declaring bankruptcy is often an effective way to treat the problem and provide you with the chance to have a fresh start.

Personal bankruptcy will clear all of your unsecured debts, but in doing so it will remain on your Credit Report for 6 years, which will have an impact on your future borrowing during that timeframe. Another form of insolvency is an IVA, which may be best suited for people who have equity to protect, or an occupation that is excluded from personal bankruptcy.

If bankruptcy is definitely the solution you're looking for, then the necessary documentation will eventually be submitted to your local County Court.

For those living within Sheffield 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.