Removes the uncertainty and stress caused by dealing with your creditors.
  Once an order is made, a third party takes control over the administration, decision-making and payment process of the debts
  Debtors normally pay less with bankruptcy than with an IVA.
  Bank current accounts can be difficult to obtain.
  Creditors recognise that they must accept less money than is owed.
  Creditors cannot change their minds once the bankruptcy process has started and seldom take little interest in the debt.
  Once discharged, most debts are written off and creditors cannot pursue them. Some debts, such as Student Loans Company
      debts, are not included in bankruptcy. For those debts the bankrupt will continue to owe them even once they have completed their
      period of bankruptcy and have been discharged.

  The debtor assets may be at risk, these assets may be sold and monies paid towards the bankruptcy.
  If the debtor owns equity in a home, this will almost certainly be sold.
  If you own a business is it could be sold and any employees dismissed.
  Bank current accounts can be difficult to obtain.
  If you try to obtain credit of more than £500 (the debtor must disclose his status as an un-discharged bankrupt.
  The debtor must allow all his financial affairs to be scrutinised, and can face criminal charges if irregularities are found.
  Cannot hold certain public offices, such as MP, councillor or magistrate, or practice certain professions, such as solicitor and accountant.
  Names of those made bankrupt are published in the London Gazette and the local press
  Certain debts cannot be written off: fines, maintenance/child support payments, other family court orders, debts to secured creditors,
      debts from personal injury claims, debts incurred through fraud, debt arising from certain other orders of the criminal court.

  Reduced monthly payment.
  A Debt Consolidation loan is often at a much lower interest rate than your unsecured debts, as you will be securing the debt against your home.
  No more hassle from multiple creditors, as they will have all been paid off with your Debt Consolidation Loan
  Combine all your outgoings into one, which makes it easier to manage your finances.
  If you find it a struggle to make payments to your secured debts, this should be alleviated as you are only making one reduced payment to cover all your debt.
  Longer repayment period means lower monthly payments.
  As long as you don't miss any monthly payments, it will help to rebuild your credit rating.

  A longer repayment term
  New terms and conditions may alter any agreements that you had with your unsecured creditors.
  You may not be able to roll all your debt into the new loan, meaning that you will still have unsecured creditor commitments to make.
  Bank current accounts can be difficult to obtain.
  It can sometimes be difficult to get accepted for a debt consolidation loan if you have a poor credit history.
  Risk of getting further into debt if you continue to spend on the cards that you consolidated.