If you are facing Bankruptcy, you need to think extremely hard and consider every option available. Is this really is the best option for you? Seek expert advice from an Insolvency Practitioner (IP) who will be able to advise you of the alternatives that are on offer.

These maybe in the form of an Individual Voluntary Agreement (IVA) or through a Debt Management company. There are other agencies that may be able to help such as the Citizens Advice Bureau (CAB) and most Housing Associations have debt advice workers for their tenants.

Increasingly, many people feel that they only have one option, that being to declare themselves Bankrupt. Some have already tried to clear their debts through an IVA and due to a change of circumstances or payments being set too high this in turn has proved to be unsuccessful.

Many view Bankruptcy as a simple solution to remove debt and feel that they can wipe the slate clean, so to speak. However, there are often financial consequences which will have to be faced in the future. For example Bankruptcy will affect your credit history and once discharged any future credit applications are more than likely to be refused.

Once you have declared yourself Bankrupt you will be appointed a member of the Official Receiver or Administrator if you have not chosen an Insolvency Practitioner yourself.

A simple search on Google turned up over two million sites with a reference to Bankruptcy in the UK alone. This shows just how serious a debt problem the UK has and with the recent rises in interest rates this will undoubtedly increase the number of people declaring themselves Bankrupt in the coming months.