When you are in serious debt and face personal insolvency like bankruptcy you must think of the implications of such a procedure before fully accepting the consequences of such a debt solution. Bankruptcy as a debt solution is not an easy decision however there are a few things to bare in mind.

When you are declared bankrupt you may lose all your possessions, such as your home, if you own it, your car if it's not necessary for your work and any other 'luxury' possession that are deemed of any value to help pay off your creditors and debts.

When you file for bankruptcy, your credit cards and bank accounts will be closed down, you will have your name published in the newspapers and you will usually be required to inform your employer. Certain professions can see you loosing your job over your bankruptcy status!

Bankruptcy is a very serious debt solution, that usually lasts 12 months however depending on the way you become bankrupt it could last anything up to 15 years. It is a serious decision to make but however may be the right one for you – however make sure you get the best debt advice you can do before taking any further steps.