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Many people think that once the bankruptcy process has begun, it is impossible to have it cancelled. However, a bankruptcy can be annulled under very special conditions.

Alarming figures reveal that more and more people are declaring bankruptcy in Brighton and Hove.

The city is said to be in the brace of a ‘credit crunch’ as people seek bankruptcy as the only way to clear debt.

The latest government figures show that 470 people opted for bankruptcy during July, August and September 2007 which is an increase of 69 people in comparison to April, May and June.

People often receive conflicting messages regarding how an IVA will affect the equity on their property.

To understand this, it is important to view the matter from the eyes of creditors, who want to retrieve as much of your outstanding debt as possible. This means that they could look into any assets you may have.

Whilst many of us stroll through life, coping with the stresses and strains of everyday debt, something from around the corner could shake our very existence. An unexpected life change could make our present debt levels intolerable to cope with and even push us to bankruptcy.

An Italian newspaper revealed that the legendary Italian operatic singer Luciano Pavarotti died with debt in the region of £18 million.

The bank accounts of the famous tenor were said to be overdrawn by £11 million and he was in debt with unpaid loans amounting to £7 million.

Tabloids claim that people opt for bankruptcy because it is an ideal way to wipe out debt and start again after five years, but is this really the case?