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Bankruptcy - Bad Credit Loans - ADM Loans

Loans Glossary : Bankruptcy

Bankruptcy is the final option for those with serious debt problems, and no prospect of meeting their debts. You can apply to a court to be made bankrupt, which means that any assets you have will be used to settle some of your debts.

After a period of two or three years, any remaining debts will be written off, but in the meantime there are severe restrictions on your financial activities.