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Is bankruptcy the end of the world?

As more and more people throughout the UK continue to fall deeper and deeper into debt, the spectre of bankruptcy looms large for many. But is bankruptcy the end of the world? Is it really as bad as people say?

While it would be foolish to say that bankruptcy is not a serious issue and a last resort, the implications are no where near as severe as they were just twenty years ago. You do not become a social leper overnight, you do not suddenly become unemployable and you don't have to sell all of your assets!

The bankruptcy laws have changed dramatically over the last few years and while you will still be forced to pay back an agreed amount to your creditors, once you have agreed a deal with your creditors and seen out the length of the agreement you can literally start to rebuild your financial life.

While there will be situations in later life which require you to confirm your bankruptcy when going for finance or possibly employment positions it really is not the end of the world. Between the constant threats of bailiffs knocking on your door and letters and phone calls demanding money bankruptcy is for many people the lesser of two evils.

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