If your debt has become unmanageable then bankruptcy is an effective solution immediately freeing you from debt and giving you a chance to have a fresh start.

If you haven't got any assets to protect such as a house, savings or an expensive car (over £2500) and if your occupation isn't affected then bankruptcy may be more suitable for you than an IVA.
Following bankruptcy your creditors are not allowed to contact you for any previous debts as they are no longer your responsibility. There's no threat of bailiff action either.

You will be bankrupt for 12 months, after which you are automatically discharged and are in a position to rebuild your credit file. Much like an IVA, your credit rating will be affected in the future, but over time it will improve.

Learn more and visit the bankruptcy information section.