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Bankruptcy is one way of dealing with debts you cannot pay.

If you are declared bankrupt:

• the majority of your debts will be cancelled (up to the date of bankruptcy)
• your assets may be shared among your creditors
• you will have certain restrictions placed on you
• your name will be added to a bankruptcy register and published in the newspaper
• your bankruptcy will usually last 12 months

Anyone can become bankrupt including:

• individuals trading as sole traders
• individual members of a partnership

Only individuals can become bankrupt. There are different procedures for limited liability partnerships and companies.

Bankruptcy advice

If you are facing bankruptcy you should seek advice from a reputable source, including:

•  
• a solicitor
• an accountant or financial advisor
• an insolvency practitioner

You should be wary of unsolicited approaches through the post or by telephone.

For more information, see get advice about bankruptcy.