By: Money Advice Group  05/01/2011
Keywords: financial advice, financial planning, Financial advisers

 f you have severe financial difficulties, the most extreme option available to you may be bankruptcy.  Before considering this as an option you need to be fully aware of what this option is and the consequences of becoming bankrupt. What is Bankruptcy? Bankruptcy is a practical way of dealing with excessive amounts of debt that you cannot pay.  The process of becoming a bankrupt will free you from these debts and allow you to make a completely fresh start, subject to a few restrictions.  The process also ensures that any assets that you have are shared fairly amongst all your creditors. Bankruptcy is not something to be entered into lightly. You will be required to give up any assets you may have, including valuable possessions, and you will lose any interest you may have in your home.  If you are running a business it will almost certainly involve the loss of your business and the dismissal of any employees that business has.

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