Bankruptcy
A formal, last-resort route to write off unaffordable debt
Pros
- Can write off most unsecured debt
- Provides a clear legal endpoint to unmanageable debt
Cons
- Significant, long-lasting consequences — assets, credit file, some jobs/professions
About Bankruptcy
Bankruptcy is a formal legal process that can write off most unsecured debts, but it carries significant consequences — including asset loss, restrictions, and a long-lasting impact on your credit file. It’s generally considered a last resort after other options have been ruled out with a qualified debt adviser.
How this works
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See if bankruptcy suits your situation
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Get advice
A partner debt adviser talks you through your real options
Frequently asked questions
Should bankruptcy be my first option?
No — it’s generally considered a last resort after other options (DMP, IVA, DRO) have been ruled out with a qualified debt adviser, given its significant and long-lasting consequences.
Are you a debt adviser yourselves?
No — Reduce Debt Quickly is an independent information service. We always recommend free advice from StepChange, National Debtline or MoneyHelper before choosing any paid solution.
Will these options affect my credit file?
Most formal debt solutions (IVA, DRO, bankruptcy) do affect your credit file, typically for several years — this is disclosed honestly on each option’s page above.
What happens after I request a callback?
A partner debt adviser reviews your situation and explains which options genuinely apply to you — there’s no obligation to proceed.
Request a callback
Leave your details and we’ll call you back to talk through bankruptcy.