|
This releases you from your debts after two or three years. But your
finances will be officially investigated, and you will have to make reasonable
payments towards your debts for the first two or three years, if you can afford
to do so.
Bankruptcy is not an easy option and you should also get expert advice before
applying to make yourself bankrupt. It may not be suitable for people:
- with certain types of job (e.g. if you work in finance, you are a
solicitor, or self employed)
- if you own (or are buying) your own home or
- if you have lots of other assets.
And there are still some types of debt you will have to pay:
- magistrates' fines;
- maintenance for a partner or children;
- debts from fraud; and
- some forms of student loans.
Finally, you must pay a court fee of £120 to make yourself bankrupt (even if
you are receiving benefits). This fee alone rules it out for many people.
top
last updated
16/08/07
|
