Is bankruptcy an option? - In England

If you’re struggling with debt, don't despair. You can get help. You may have a number of different options to deal with your problems.

If you have no money left over in your budget, or you have so little that it will take many years for you to re-pay your debts, you may want to look at bankruptcy as an option.

Going bankrupt can take the pressure of creditors away from you. You are allowed to keep certain things, like household goods and a reasonable amount to live on. When the bankruptcy order is over, you can make a fresh start and the money you owe is usually written off. However, there are disadvantages – you will lose your home if you're a homeowner. Also it costs money to go bankrupt and you might not have enough money.

To find out more about your various options and whether bankruptcy is a good idea for you, go to: Help with debt.

To find out more about bankruptcy, go to our fact sheet: Bankruptcy.

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