Bankruptcy Can Be a Good Option - But

Bankruptcy can be a very good option if you are in serious financial difficulty - it is certainly a better option than living with perpetual worry and uncertainty - but if you are looking to go down that route, please do take advice first from someone who can explain all the options and all the consequences fully.

The Government is presently proposing to reduce bankruptcy procedure to an on-line 'box ticking' exercise. The object is to remove the stigma attached to bankruptcy and reduce the delay many debtors experience between the presentation of the Petition and the making of the Bankruptcy Order.

On the face of it, this looks like a very good idea - but it isn't, because advice isn't part of the 'box-ticking' package.

Bankruptcy is a very serious step to take and it needs to be treated as such. Anyone considering bankruptcy needs to talk it through first at a face-to-face interview with someone who knows and understands all of the options available to people in serious financial difficulty. You will be able to get help and advice as to whether bankruptcy is the best option for you from your local Citizens Advice Bureau or from a Debt Charity.