What are the advantages of going bankrupt?

With certain exceptions, debts are written off

Creditors can no longer take action against you unless their debts are secured on your home or other property.

It allows you to make a fresh start and you will be discharged from the bankruptcy in not more than 1 year.

If you have disposable income you will only have to pay for 3 years and, probably, less each month than if you entered into an IVA.  Means Tested State Benefits and Child Benefit will be left out of account in determining whether payments are to be made.

It may be possible to avoid the sale of your home if there is no equity or your spouse, partner or relative is able to arrange to buy your share of its net worth

As an Officer of the Court, the Trustee has an overriding duty to act in good faith towards all parties, including the Bankrupt i.e the Trustee cannot disregard the Bankrupts legal rights, simply to improve the position of the creditors.

Getting in touch with an insolvency expert for free debt advice is as easy as picking up the phone.  Call the Leeds Debt Advice Helpline on free phone 0800 169 1536