Bankruptcy isn’t always as bad as people make out. It will have a huge impact on your credit rating for at least 6 years, and your name and address will go into the back of you local paper stating that you are bankrupt. Your official receiver will have full control over your finances and will take over any assets you have (e.g.: A property). It may be worthwhile to give us a call so we can see if there are any other options available to you. Bankruptcy is something you should always look to avoid due to the stigma attached to it. Hope this helps.