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Is bankruptcy a real option for those in trouble?

In days gone by bankruptcy was a process which attracted a stigma which was for many people difficult to shake off. However, bankruptcy laws have changed in the UK over the last few years and ultimately bankruptcy is now a real option for those who are in financial trouble.

The government and the regulators have realised that some businesses and some people in the UK have done and continue to feel financial pressure, even more so during the recent recession. There is no point in making these people pay for years and years for problems which may well have been out of their control. As a consequence, more and more people are now looking towards bankruptcy as a way to wipe the slate clean, payback as much as they can afford and effectively start again.

When you consider the cost to the state of supporting those in financial trouble perhaps the right move is to allow them to start again, improve their financial situation and look to the future with renewed hope. There is also the fact that as and when those who have been through bankruptcy return to financial well-being they themselves will have a greater input to the economy and increase the tax take on so many levels for the UK government.

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