For those who need help with debt, bankruptcy is an option that can be considered alongside an IVA and debt management. Whilst bankruptcy may seem to have a stigma attached to it, that has long since disappeared.
You will lose your debt liability immediately.
As soon as you are bankrupt you become debt free. This is unlike the IVA in which you need to complete 60 months in the IVA before the balance of the debt which is unpaid is then written off.
In debt management you must continue to pay the debts until they are written off in full, and whilst the charges and interest may no longer be added, it can still take a long time to pay off the balance.
You will be bankrupt for only one year.
Unless you have been culpable in your bankruptcy you will automatically be discharged after one year. Contrast this to and IVA where you will usually be required to enter into a contract for repayments for 5 years. If you are in debt management, the length of time that you re-pay your debts will depend on the amount of debt that you have and the amount that you are repaying each month.
You can keep your car
If you have car valued less than