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Filing for bankruptcy has serious consequences

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Choosing bankruptcy as a way of dealing with debt has serious implications, research from Experian has claimed.

There were 15,389 bankruptcies in England and Wales in the first quarter of 2006, an increase of 12.9% on the previous quarter and an increase of 73.4% on the same period a year ago. Yet people remain uneducated to the problems with filing for bankruptcy.

However, a new credit report guide from Experian, ‘Your Credit Report and Bankruptcy’, explains what bankruptcy is and the impact it can have on an individual’s ability to obtain credit. It also gives advice on how to seek alternatives to bankruptcy.

Jill Stevens, Director of Consumer Affairs at Experian, said: “Bankruptcy is not an easy way out of debt. It may be the best option for some people, but it should only ever be considered as a last resort and after receiving professional advice. It is rarely a positive solution to money problems.”

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