Declaring bankruptcy without assets is one way to wipe out large personal debts while gaining the opportunity for a fresh financial start. If you owe large sums of money and have few or no assets that can be lost, bankruptcy could be the best solution for your financial troubles.
However, bankruptcy can have long-lasting implications, not only on your finances but on your personal and professional life too. So it’s important to consult with a licensed insolvency practitioner before making the decision.
In this article, we explain the process of going bankrupt with no assets in the UK, before exploring what the alternatives could be.
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