Is Declaring Personal Bankruptcy the Answer?
Bankruptcy was once the panacea, but the Enterprise Act 2002 has changed all that. Whilst it is possible to spend countless sums of money on foreign holidays and designer clothes, the law is not sympathetic to the plight of the addict. document.getElementById(‘adsense_placeholder_2’).innerHTML = document.getElementById(‘adsense_ad_2_hidden’).innerHTML; The Bankruptcy Restriction Order (BRO) Whilst the majority of people are discharged after a period of 12 months, accruing serious debt problems as a direct result of a gambling addiction or speculation means that a person can be held financially accountable for up to 15 years. If serious debts have been caused by gambling, do not declare personal bankruptcy unless there is no other option. Be sure to explore the other debt solutions, such as an IVA or Debt Management Plan, before deciding to go down this route. Individual Voluntary Arrangement (IVA) as a Bankruptcy Alternative Read on Problem Gambling and the Effect On Family Life Gambli
