What is bankruptcy?
Bankruptcy is one way of dealing with debts you cannot pay. The bankruptcy proceedings free you from overwhelming debts so you can make a fresh start, subject to some restrictions, and make sure your assets are shared out fairly among your creditors.
Anyone can go bankrupt, including individual members of a partnership. There are different insolvency procedures for dealing with companies and partnerships.
You may find it helpful to read our guidance leaflets "A Guide to Bankruptcy" and "What happens when you are interviewed by the Official Receiver".
We cannot advise you on specific insolvency matters such as whether you should go bankrupt or look at alternatives (see Alternatives to Bankruptcy).
You should get independent advice on these matters from a solicitor, qualified accountant, or authorised insolvency practitioner (see List of Insolvency Practitioners) or a reputable financial advisor or debt councillor.
Debt advice agencies
Advice on where to get help is on nidirect including free debt advice from Citizens Advice.