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Bankruptcy should only be considered as a last resort and is only appropriate for people who have no assets, not expectations or requirement for credit or home ownership, and no prospect of repaying their debts in the short or medium term.

There are a number of alternative strategies to bankruptcy, for example:

The main purpose of bankruptcy is to liquidate assets and divide them (and any available income over and above an allowance to cover basic domestic needs) amongst creditors.

The advantages of bankruptcy include:

The disadvantages can include:

Bankrupts are normally discharged within 12 months, unless you fail to cooperate with the Official Receiver/Trustee or the bankruptcy relates to a criminal matter.

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