The advantages of Bankruptcy are:
- You no longer have to deal with certain creditors as this will now be done by the Official Receiver.
- You will no longer have to pay certain creditors but it is advisable to continue to pay your mortgage or rent and utility bills such as gas and electricity.
- Bankruptcy will last for 1 year and you are automatically discharged which means that you are no longer responsible for most of your debts.
- Once you decide to become bankrupt, your creditors are forced to accept this.