Mr C Manos, Heaton Chapel
“It feels like a weight has been lifted. You were so helpful and still contact me regularly to see how I am getting on.”
“It feels like a weight has been lifted. You were so helpful and still contact me regularly to see how I am getting on.”
(the list below is designed to highlight some of the main features.)
Although in recent years the government has attempted to make bankruptcy a far less serious matter it still has far reaching implications. If you wish to make yourself bankrupt it normally costs £150 court fee and £360 deposit although if you are in receipt of benefit this may be lower. You need to be aware that by law any creditor owed £750 or more can petition for your bankruptcy.
Pros
- Following the Enterprise Act 2002 you are normally discharged within one year.
- After your discharge all of your outstanding debt (apart from those relating to crimes or court fines) will be cleared. As such, if you have no assets to lose and especially if you are in receipt of benefits, this could well be your best option.
Cons
- Although it will depend on the level of equity in your property there is a serious risk that your home could be sold by the Official Receiver. Even if you rent your landlord may evict you (see term and conditions of your rental contract).
- Your name is published in the local newspapers.
- Your employer will be informed and usually an attachment of earnings made for 3 years. Of course your job itself could be at risk if your employer is informed.
- If the Official Receiver believes you have been dishonest or deliberately frivolous he may issue a Bankruptcy Restriction Order (BRO) which can last up to 15 years and may prevent you from obtaining credit or acting as a company director.
Facts
- On average 2430 CCJ’s are issued every day in the UK
- 3.5m people in the UK are permanently overdrawn.
- Mortgage repossessions hit a 14-year high during 2009.
If you are considering bankruptcy then why not complete our free online assessment first. If bankruptcy is the best option we can explain the process in more detail and even help you complete the necessary forms!
To find out if bankruptcy is right for you, try our
