Here is what the Insolvency Service in the UK has to say to those considering bankruptcy:
“Before you take any action to apply for your own bankruptcy, you should get your own legal or financial advice about bankruptcy and the other options available to you. The Insolvency Service and the courts cannot advise you on specific insolvency problems; for example, whether you should go bankrupt or your company should go into liquidation, or whether you should look at alternatives. You should get independent advice. You may consult a solicitor, a qualified accountant, an authorised insolvency practitioner or a reputable financial advisor.”
Please see the “Guide to Bankruptcy” published by the Insolvency Service (reference URN10/1144).
Personal bankruptcy in the UK changed significantly in April 2004 with the introduction of the 2002 Enterprise Act. The general mechanics remain the same as the 1986 Insolvency Act, but with some key changes as well as recent procedural changes implemented by the Insolvency Service: