What is bankruptcy?

If you're up to your eyeballs in debt, declaring bankruptcy may seem like an easy way out. Unfortunately, it's not. Find out what declaring yourself bankrupt means for your future.

Woman showing empty purse

Bankruptcy is more complicated than just not having any money

Next Steps

  • The Money Advice Service offers free, unbiased and independent advice about all financial matters. 0800 138 7777
  • StepChange offers free advice on your debt problems, basing it round what's right for you. 0800 138 1111
  • Chat about this subject on our Discussion Boards.
  • Need help but confused where to go locally? Download our StepFinder iPhone app to find local support services quickly.

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Updated on 29-Sep-2015

Photo of woman with empty purse by Shutterstock