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Is bankruptcy ever a sensible option?

As bankruptcy and insolvency issues in the UK continue to hit the headlines, more and more people are finding it difficult to cover their monthly obligations and ultimately falling behind with regards to their debt repayments. While bankruptcy and IVAs are two potential options for those in serious financial trouble many people are happy to avoid these at almost any cost. But is bankruptcy ever a sensible option?

When you strip out all the emotion and concerns regarding bankruptcy and other debt related issues, the fact is that the bankruptcy regulations and other options are there for a reason. If you are seriously in debt and finding it more and more difficult to cover your monthly obligations there is no point continuing on forever and a day falling further and further into debt. You must take debt counselling advice at the earliest opportunity and be truthful with regards to your current situation and prospects for the future.

While obviously bankruptcy and IVAs are not perfect solutions, because they will hold you back with regards to your credit rating in the future, the opportunity to potentially write off a significant amount of your personal debt and effectively "start again" is a godsend for many. Living with the pressure of financial trouble can cause health issues and ultimately many people have seen their families destroyed under the strain.

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