As a last resort, a bankruptcy can be considered as a solution to your debt problems. The reason it is a last resort solution is that it will affect your credit rating for up to six years after you have been discharged from bankruptcy - once you are declared bankupt, you have to spend a year when you cannot borrow as an undischarged bankrupt - a total of seven years from date of bankruptcy.
You should only consider bankruptcy when you don't have any income, have little or no assets and therefore nothing really to lose, other than the sense of wounded pride.
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