bankruptcy information uk insolvency debt process

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Advantages and Disadvantages of Bankruptcy...

Advantages

Disadvantages

Responsibility for paying your debt is taken away from you immediately and you are protected from your creditors by the court

You will have to pay an up-front court fee and administration charge to the court of between Ł250 and Ł490

You may have to make a monthly contribution towards your debt while you are bankrupt but this is based only on what you can afford

You will required by the court to realise valuable assets e.g. equity on your home, expensive jewellery, antiques, expensive cars etc

You will normally be debt free in 3 years or less

Bankruptcy is a public proceeding and your name will appear in the local paper and the London Gazette

You cannot continue to practise as a professional person or a director of a company during the period of bankruptcy

A note of your bankruptcy will be kept on your credit file for 6 years meaning that after release from your bankruptcy you may find it difficult to take credit or a mortgage during this time.

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