- It gives you an opportunity of a fresh start. It prevents your creditors making any further claims against you or demands for direct repayment of the debts whilst you are bankrupt and cannot pursue you for repayment once you have been discharged from bankruptcy.
- Relative peace of mind. All legal action against you is stopped in relation to the bankruptcy debts.
- The level of an income payments order may be lower than those required in a voluntary arrangement and unless the Trustee in Bankruptcy applies to the court for a bankruptcy restriction order would only last for 36 months.
- Many bankrupts are discharged after 12 months.