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What are the advantages of going Bankrupt?

Some of the advantages of going bankrupt are:

You are allowed to keep certain things, like household goods and a reasonable amount to live on
When the bankruptcy order is over, you can make a fresh start. In many cases, this can be after only one year
The money you owe can usually be written off.
Creditors have to stop most types of court action back following a bankruptcy order (but in some still be able to take your belongings away)
Most creditors have to stop chasing you for the debt and make their claim to the trustee instead;
It’s a chance to make a fresh start.
You don't have to personally deal with creditors
You can keep some household goods and a reasonable amount to live on
Pressure is taken off you because you don't have to deal with your creditors.

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