Bankruptcy is a reasonable answer – albeit often a “last resort” solution – to the issue of debts that you cannot pay. A bankruptcy order removes the burden of inhibiting debt allowing you to re-organise your finances – or, indeed, have them sorted for you – without constant pressure from creditors or debt collectors; it might also guarantee that your assets are shared fairly amongst your creditors.
The bankruptcy process itself is relatively painless, but – because of its implications in the short and long term – is not one that should be undertaken without due consideration of the alternatives.
Your finances will, no doubt, be reorganised – your personal assets will be sold off to resolve debts, for example – but if debts have accumulated as a result of wanton, rather than required spending, you may need to adapt to more debt solutions in the future. Once you are declared bankrupt, your bank accounts and credit card accounts will be closed. Pursue ppi refunds which may actually be a great help in this situation.