Bankruptcy is not a pleasant thing.

If you are in financial distress, and need time to consider a possible bankruptcy, you can issue a declaration of intention to present a debtor’s petition (DOI), which provides a?21-day protection period where unsecured creditors (including sheriffs) can’t take further action to recover their debts against you.

Alternatively, you might have been served with a bankruptcy notice. If so, you can try to reach an agreement with your creditor: You have 21 days from the day you receive the notice to come to an agreement with your creditor.

A Personal insolvency agreement, also known as a Part 10 Agreement, is a legally binding agreement between you and your creditors which entails the appointment of a trustee to take control of your property and make an offer to your creditors.

A debt agreement proposal is another option if you are unable to pay your debts when they are due, and meet the debt and income limits. This agreement releases you from most unsecured debt when you complete all your obligations and payments.

A trustee is the person or entity that manages your bankruptcy. They work with you, and your creditors, to achieve a fair and reasonable outcome for all.

If you are in debt, receiving demands from creditors, unsure what to do next, or conversely, you are someone who is owed substantial money and wishes to force bankruptcy and possibly secure payment ahead of other creditors, see a lawyer.