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We Brits took out more than a billion pounds in consumer debt in just one month this year. For many. the problems of too much debt can seem overwhelming. 12% of people say they always or most of the time run out of money at the end of the week or month or need a credit card or overdraft to get by - that's according to a survey by the Office For National Statistics.

For some, that debt leads to bankruptcy. It can be a confusing and emotionally difficult process. The debt charity, Step Change, says the problem of too much debt has become alarming. More than 300,000 people contacted it in first half of this year – searching for support and guidance.

In today’s programme we are looking at what bankruptcy actually means for people, what the process of becoming bankrupt involves and what the advice is for those who feel they are losing grip on their personal finances.

We'd very much like you to be part of the conversation as well. So if you have had an experience you think others would find useful - do call us on 03 700 100 444 or email moneybox@bbc.co.uk or you can Tweet us. Our Twitter name is @moneybox

Joining us to help guide us through the conversation is Gill Hankey, a Director at The Bankruptcy Advisory Service and Mark Cowley, Insolvency Manager at Christians Against Poverty which offers free advice to those with debt problems.

Presenter: Adam Shaw
Producer: Sally Abrahams