Bankruptcy
is an option that often has to be considered when
an individual cannot pay their debts as they fall
due. A first time bankrupt with debts will generally
receive their discharge one year after the date
of the bankruptcy order (there is the possibility
that in some cases the bankruptcy discharge period
will be less than one year).
Although bankruptcy has a bad stigma and is publicly
advertised, it should always be considered when
dealing with individual insolvency cases.
Please note that if your are ever faced with
the prospect of bankruptcy you should look at
alternatives as soon as possible such as Debt
Management or the Individual
Voluntary Arrangement procedure (IVA).
