Bankruptcy  

If you feel your current circumstances are not likely to improve, bankruptcy may be the best solution. Bankruptcy offers the opportunity to make a fresh start where there is no or little prospect of clearing your debts. If you have debts that total over £750 a petition of bankruptcy can be issued by yourself or your creditors, but ultimately the outcome will be the same.

Bankruptcy will cost £460, which includes court fees of £115 and the Official Receiver's fee of £345. The petition for bankruptcy will detail your income, outgoings, debts and assets. An affidavit will be required from a solicitor, which is a written legal declaration that the details on the form are true and accurate. A court officer will be issued who will handle the administration of the bankruptcy called the Official Receiver, who will ascertain if you can make regular payments, if you have any available assets which can be sold or if another solution can be found to repay your creditors. The bankruptcy will remain on your credit file for 6 years and an announcement of the bankruptcy will be advertised in the Friday night edition of the Belfast Telegraph.

Bankruptcy can the right solution for some people however it can affect some people's employment depending on their job, so please ensure your check your contract to see if bankruptcy is mentioned.

For more detailed information or if you have any queries about bankruptcy or the please call us on 0800 917 4607 and we will be happy to help or you can download our fact sheet, which can be found here, by clicking the "Bankruptcy fact sheet" link.

For more detailed information please download our Bankruptcy factsheet or visit www.detini.gov.uk