For the purpose of this article, to file insolvency will be treated as filing bankruptcy. In addition, we are going to treat filing insolvency as an individual, as opposed to a company or a combination of the two.
It is important to keep in mind that filing for insolvency should be your last effort to relieve yourself of severe debt. This said, to file for insolvency does not mean that your credit history will be safeguarded, as you may become from your creditors. In general, a bankruptcy will stay on your credit report for around ten years. Keep in mind that there are other options to consider first, such as: debt management, a debt relief order, and debt consolidation with a personal loan.
After the decision to allow your insolvency has been made, you will need to verify and sign several documents, which your insolvency practitioner will then submit to the bankruptcy court. And from this point, it is in their hands.