06-27-2020, 08:35 AM
It depends on your circumstances. Since you have asked me to answer I assume you live in England. If you have no assets or assets you are willing to lose, such as equity in any properties, expensive vehicles etc, then bankruptcy is the quickest way and the cleanest way to cut yourself off cleanly from all of your creditors. Beware though If you have significant disposable income of approx £300 per month or more, after generous living expenses you may be asked to pay into the bankruptcy under an income payment arrangement or order for up to 3 years. Check your occupation does not prohibit bankruptcy also. If you have absolutely nothing of value and less than £50 a month spare and your debts total less than £20000 then you could be eligible for a debt relief order which costs around £90 and does not require a court appearance. If you need more specific information, please reply with more specific details relating to your circumstances. *total debt, how many creditors, any assets, household income and disposable income each month, any kids and properties or equity in property etc*