Some information about bankruptcy. For more detailed information speak to your local County Court.
The rules relating to bankruptcy are complex and need careful consideration.
Bankruptcy is often considered ‘the last resort' for people with serious Debt problems.
There are two ways of becoming bankrupt. The first is to wait for one of your creditors to issue a bankruptcy petition to Court. Alternatively, you can petition for your own bankruptcy which currently costs £475.00 (December 2006).
The current standard time before discharge of a bankruptcy order is twelve months although in some cases it can be longer.
You may have to make payments via an Income Payments Agreement for up to three years of between half and two thirds of your disposable income.
When bankrupt you must not obtain credit of £500 or more from any person without first disclosing the fact that you are bankrupt.
Details of a bankruptcy order are published in local newspapers and in the London Gazette. Your creditors will be informed and you may be obliged to inform your employer as well as your landlord.
In some professions you may well run the risk of losing your job. |
