There is no easy answer to this question. Every individual is unique with differing circumstances. Therefore, to blanket a yes/no approach to this question would be a huge disservice. However, there is one statistic that cannot be ignored.
All too often people who would benefit greatly from the protection of bankruptcy
dismiss the idea out of hand, simply due to an inherent lack of knowledge. Their fear of the “stigma” of bankruptcy causes a kneejerk reaction that prevents them from making the right decision. Only 1 in 5 individuals who are in debt seek help and assistance with their problems.
We are at a loss, on occasions, when we speak to people who let their fear of the stigma paralyze their ability to make a sensible decision. Do not fall victim to this.
Read through all the information we have provided thoroughly, then call us on 0800 5977 977
with any other questions. Make a list of questions on paper, or even write down your fears, then speak to us about them. For most people with crippling debts, the choices they make at this point affect their entire future.