This is one of the most important questions facing people with a serious debt problem and, to be honest, it can be an extremely difficult question to answer.

Often people who are in this situation believe that Bankruptcy is their only option, and are often unaware that an Individual Voluntary Arrangement even exists, as a viable alternative to Bankruptcy.

We’ve had a bit of fun at myIVA-Adviser trying to think of all the ways that "bankruptcy" is misspelled when people type it into the search engines. Here’s our list. If you think we’ve missed any, leave us a comment:

Anybody with a serious debt problem should be asking themselves this question. Making an informed decision is getting more difficult due to the availability of ever growing levels of information, some good and some bad.

The first point to make is that every decision will vary depending on the circumstances of each case; therefore understanding your circumstances will affect the decision you will make.

The Official Receiver, sometimes abbreviated to OR, is an officer of the Insolvency Service.

A Bankruptcy Order is an order issued by a County Court, or a High Court, as a result of a petition for bankruptcy by either a creditor or a debtor in order to declare an individual bankrupt.

The definition of the term "Discharged from Bankruptcy" according to the financial dictionary is

"The termination of bankruptcy proceedings, resulting in cancellation of the debtor's obligations".

The Enterprise Act 2002 came into force on the 1 April 2004. It considerably changed English Insolvency Law. Since the changes the majority bankruptcies are now discharged after 12 months, whereas previously they lasted between 2 and 3 years.

An Attachment of Earnings Order is a payment order set by a judge at the County Court. It can only be issued if you are employed and owe more than £50 to your creditors. The Attachment of Earnings Order lasts until the debt is satisfied in full.

The number of people with a serious debt problem in the United Kingdom is increasing each day, with more and more people searching for a permanent debt solution that will help them tackle their problem.

The number of people with a serious debt problem in the United Kingdom is increasing each day, with more and more people searching for a permanent debt solution that will help them tackle their problem.