A practical guide to applying for bankruptcy

If your debts are overwhelming you and you do not see a way out, then applying for bankruptcy might be a way to restore some control to a situation that may be threatening to spiral out of control. While you can apply to make yourself bankrupt, one of your creditors can also make the same application about you if you owe at least £5,000. Bankruptcy is often the most straightforward solution to a serious debt problem but it may not be the only one. Other options may be more appropriate for your circumstances. In this article, we look at the pros and cons of applying for bankruptcy without a lawyer and what those alternatives might be. The pros of applying for bankruptcy If you successfully apply to be made bankrupt, then you will immediately get a relief from pressure from your creditors. They will no longer be able to pursue you for the money that you owe them Once an application has been accepted, then you will be earmarked a certain amount to live on and be allowed to keep certai


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