Bankruptcy information document

Bankruptcy is the legal way to deal with debts you cannot pay.

It can:

• write off your debts
• stop creditors from chasing you

But it also:

• affects the things you own
• impacts how you manage your money
• places your name on a public register for a set time
• affects your credit rating for several years

Before you decide, it’s important to get advice from a professional.

A money adviser or insolvency provider can talk you through your options and help you decide if bankruptcy is the right choice for you.