Bankruptcy

Bankruptcy is an option to be considered by anyone who is unable to pay their debts "as and when they fall due".

Is Bankruptcy Right For You?

Since the change in the law regarding Bankruptcy, the percentage of people choosing the Bankruptcy option has risen dramatically. However, how many individuals who have petitioned for their own Bankruptcy knew that being made Bankrupt was not their only option? For those who did realise other options were available, how many still took the Bankruptcy route?

Incredibly, debtors are more likely to petition for their own bankruptcy rather than their creditors! You would think that most people who have been threatened with the prospect of being made Bankrupt would be riddled with fear of the possibility. It is more widely referred to as the "Big B" rather than the dreaded word itself. However, is this a thing of the past? Since the changes in The Enterprise Act 2002 took place in April 2004 it would appear a lot more people are inclined to petition for their own bankruptcy as a solution to their debt problems.