Bankruptcy is a legally binding form of insolvency, which gives you some relief from your debt in return for you agreeing to certain terms.
You are protected from legal action and at the end of the term your outstanding debt is written off.
So, if you’re wondering how to get rid of debt, bankruptcy may be an option. It’s one way of dealing with debts you cannot afford to repay. It may be the best way for you to free yourself from excessive debts but the decision should not be taken lightly.