'Weigh pros and cons of bankruptcy'

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'Weigh pros and cons of bankruptcy'

Anyone considering declaring themselves bankrupt should carefully consider the advantages and disadvantages.

This is advice given by finance website the Thrifty Scot, which has listed pros and cons of such action.

When bankrupt, creditors and collection agencies can no longer legally pursue someone for payment and debts will be administrated by the court if the bankrupt person has no solicitor.

It may be possible to keep one's home and car and a credit rating can start to be rebuilt, although bankruptcy remains on it for 11 years or more.

Creditors will also accept a lower payment and when debts are paid, the bankrupt person cannot be chased for more.

However, bankrupt people must also relinquish all credit cards and will not be able to acquire more for a long time.

The information will be publicly available and any business owned by the person will be forced to fold.

Some debts, such as a student loan, will not be discharged and obtaining a mortgage will be almost impossible.

According to Scottish newspaper the Daily Record, the number of Scots declaring bankruptcy has increased by 162 per cent in just one year.

It cited figures from Scottish government agency Accountant in Bankruptcy.
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