Deciding on bankruptcy isn't the easiest decision. Many people see this option as a failure, but in reality it is a solution to help you get out of debt and enjoy a fresh start.

There are a number of different debt relief options available from consolidation loans to this option, which is why it's important to do your research Antony Locke , determine what is the right choice for you and speak to a professional financial consultant to get the information and advice you need before making such a big decision, which will affect both you and your family.

There are many advantages and disadvantages to choosing bankruptcy to write off your debt. Understanding these advantages and disadvantages will help you make the right decision for you.

Looking at the advantages, you get a fresh start within twelve months. This type of option stays in place for around one year, after which you start your life anew, completely debt free.

Another advantage is that any unsecured debt is usually written off, which means that your debt is taken care of, stress is reduced and hounding calls from creditors comes to a stop.

There are thousands of people around the world who fear a knock on the door or when the phone rings because they owe so much money, this leaves them with serious insomnia, which affects every aspect of their lives. In some cases bankruptcy is the only solution to help them get back on track financially and improve their health.

Once you choose this option, you will want to find a financial advisor that can assist you every step of the way. The advantage to this is that you know all the forms are completed accurately and that the chances of your case being approved is increased.

This can only be approved through the High Court and is a detailed process consisting of petitions, statements and affidavits to prove your case. Once your case is approved, your assets will be used to pay off outstanding debts, your creditors leave you alone and after a year, you can start a new life.

During the year you cannot apply for credit, though you can open a bank account. You have to disclose to financial institutions that you are bankrupt and let them make the decision from there.

As mentioned, this type of solution comes with disadvantages, which you must be aware of. First and foremost, be aware that your assets can be used to pay off debts. This is especially true if you have used your home as collateral. Though you will be able to retain your appliances and possibly your vehicle, in some cases.

There are implications when it comes to your job. Depending on your position within the company and the industry in which you work, will determine whether you keep your job or not. Company directors are not able to work while they are going through this process. Be aware of this and ensure you find out how this will impact your job for the next year.

There is a fee for choosing this option which makes up the court fees, ensure you have this money available to pay for the service and help yourself improve your health, sleep better and get the hounding creditors off your back.

If you are self-employed, there is the risk that you will have to close your business. This is something you may wish to discuss with your advisor to ensure you are completely aware of what will happen if you choose bankruptcy as your choice going forward.

There are a number of websites where you can get sound bankruptcy advice in your country, enabling you to make the best decision that will  Antony Locke help you and your family moving forward.