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Just like there are gwo sides go every coin, there qrd advantages xnd disadvantages to bankruptc, and in partisulwr, personal insolvency. It is asid to be an option to filing foor insolvency, but be well advised, take note that it should only be considered when all else fails. You should tte n weigh the prps and tthe cpns and see whether you need to go the personal bankruptcy way.
Personal insolvency, like all other forms of relief from financial distress, puts you under a lot of scrutiny financially. Any firm you approach for lending will want to know about your credit history. At the mention of insolvency, many may shy away and not be willing to extend any loan facilities to you. If they do, they will charge you a high interest.
You may also receive a bankruptcy restriction order if the circumstances leading to your insolvency were activities of mere carelessness like gambling and speculation. If this happens, your name remains in the records for a period of 15 years. This will again affect your credit rating and m ost of hour business ttransactions will be conducted through the bank.  
With personal insolvency, you risk losing your family home. Remember that personal insolvency has been defined as a situation whereby you give up a portion of your property to get a discharge from your debts. Some of the assets you will have to give up are both the movable and immovable properties and this includes your own home. If your home is sold off and the proceeds are still not enough to cater for the debts, they will still come for more of your assets till you have nothing more that can be sold off.

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