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Is bankruptcy really as bad as people say?

While the words bankruptcy, trust deeds and insolvency will strike fear into many UK consumers, is bankruptcy really as bad as people say?

It is easy to forget sometimes that bankruptcy regulations and bankruptcy laws are there to protect those in financial trouble. They are not there to make it easy to write off your debts, reduce your liabilities and walk away but they are there for people who have no way out and are being crushed under a mountain of debt. Even though when you initially slip into financial trouble you will receive a significant number of demands from various financial institutions, which are often passed on to debt collectors, there are ways and means to protect yourself and your family.

Bankruptcy may well be the last resort for many but where is the sense in carrying on for years, paying back a significant amount of your income in interest and continuing to drown in a sea of debt?

There are many debt advice agencies across the UK, there are many financial advisers, so those who believe help is not hand will be relieved to find this is not the case. Bankruptcy is a serious issue but it is an issue which more and more people in the UK will need to consider in the short to medium term.

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