Bankruptcy is a legal process where you’re declared unable to pay your debts. It can release you from most debts, provide relief and allow you to make a fresh start.
You can enter into voluntary bankruptcy. We refer to this as a debtor’s petition. It’s also possible that someone you owe money to (a creditor) can make you bankrupt through a court process. We refer to this as a creditor’s petition.
Bankruptcy normally lasts for 3 years and 1 day.
When you become bankrupt we appoint a trustee. A trustee is a person or body who manages your bankruptcy.