Bankruptcy is often a consideration for any individual or organisation that is unable to repay outstanding debts.

2. Your remaining assets being distributed across any outstanding creditors.

3. A trustee being appointed to manage your finances for a certain period.For more information visit How do I go Bankrupt 0800 280 2816 Payplan Ltd. Kempton House, Dysart Road, Lincolnshire, NG31 7LE

4. When to declare bankruptcy If you are in a lot of debt which you cannot possible repay and you are unable to raise the money to pay your creditors by selling your assets you might start to consider bankruptcy. But before you do you should consider the pros and cons of bankruptcy and the alternatives available! For more information visit How do I go Bankrupt 0800 280 2816 Payplan Ltd. Kempton House, Dysart Road, Lincolnshire, NG31 7LE

6. A trustee will be appointed to deal with your remaining creditors

7. Your creditors will be forced to accept reduced repaymentFor more information visit How do I go Bankrupt 0800 280 2816 Payplan Ltd. Kempton House, Dysart Road, Lincolnshire, NG31 7LE

9. If your debtors hold any equity in your home it will likely be sold

10. If you own a business it will be sold and your employees dismissed

11. Your credit rating will be severely damaged

12. All insolvency costs (which can be considerable) are taken out of your assetsFor more information visit How do I go Bankrupt 0800 280 2816 Payplan Ltd. Kempton House, Dysart Road, Lincolnshire, NG31 7LE

14. Loss of financial privacy

15. Your name will be published in a public bankruptcy list

16. You will not be able to hold a number of public or trustee offices

17. Some types of debt cannot be written offFor more information visit How do I go Bankrupt 0800 280 2816 Payplan Ltd. Kempton House, Dysart Road, Lincolnshire, NG31 7LE

19. Debt management plans

20. Debt consolidation loans

21. IVA For more information visit How do I go Bankrupt 0800 280 2816 Payplan Ltd. Kempton House, Dysart Road, Lincolnshire, NG31 7LE

22. Create a budgeting plan Seeking free professional debt help and advice can help you clear your person debt without you having to cut down on the things you and your family needs. By maximising your income and minimising your unnecessary outlay you may be able to turn your finances around. For more information visit How do I go Bankrupt 0800 280 2816 Payplan Ltd. Kempton House, Dysart Road, Lincolnshire, NG31 7LE

23. Debt management plans A Debt management plan is an arrangement that you can make with your debtors to make regular reduced debt payments based on how much money you can afford to pay. Some debtors will even agree to reduce or freeze the interest on your debt which will stop the debt from growing over time as you make smaller payments. For more information visit How do I go Bankrupt 0800 280 2816 Payplan Ltd. Kempton House, Dysart Road, Lincolnshire, NG31 7LE

24. Debt consolidation loans A debt consolidation loan is a loan large enough to pay off all of your existing debts in order to make your debt problem easier to manage. Debt consolidation loans may reduce your monthly repayments as you will be paying the loan back over a longer period but if the interest rates are high on the loan you may end up paying more in the long run. For more information visit How do I go Bankrupt 0800 280 2816 Payplan Ltd. Kempton House, Dysart Road, Lincolnshire, NG31 7LE

25. IVA A last resort as a debt management option but preferable over bankruptcy. An IVA is a formal arrangement with your debtors to repay a portion of the debts that you owe and to write the rest of the loan off. Though you do not risk losing an assets or property by agreeing to an IVA you will still damage your credit rating which will make it harder to borrow money in the future. For more information visit How do I go Bankrupt 0800 280 2816 Payplan Ltd. Kempton House, Dysart Road, Lincolnshire, NG31 7LE