What are the advantages of Bankruptcy?

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The advantages of Bankruptcy are:

  1. You no longer have to deal with certain creditors as this will now be done by the Official Receiver.
  2. 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.
  3. Bankruptcy will last for 1 year and you are automatically discharged which means that you are no longer responsible for most of your debts.
  4. Once you decide to become bankrupt, your creditors are forced to accept this.