Good morning hawfairy,
Welcome to the forum.
I agree with Melanie on this. Bankruptcy isn't all bad: it can provide a way of getting you out of a really bad situation and starting again.
Bankruptcy is an option that often has to be considered when an individual cannot pay their debts as they fall due.
The period of bankruptcy now usually lasts for a maximum of 12 months instead of the previous two or three years.
Once a debtor has been discharged from bankruptcy, they are no longer liable for any outstanding debts, as long as they were detailed in the bankruptcy proceedings. This provides a "fresh start" for those unable to clear their outstanding debts within a reasonable timescale.
Kind regards,
Julia Simavi
Shortlisted for Best UK Debt consultant by Credit Show 2007
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