What is Bankruptcy?

In financial terms Bankruptcy is a serious milestone that shouldn’t be considered lightly. It’s the point where your debts far outweigh your current assets and income with little chance of paying it back in reasonable time. After you’ve been declared Bankrupt your debts will be written off but at a potentially severe cost to your long term financial and personal circumstances.   You may lose assets of material value, excluding essential household items, and be required to make payments from your income for up to three years.

Continue to next section How does Bankruptcy work?
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