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Money Helper helps people manage their money. They do this directly through their own free and impartial advice service. Also working in partnership with other organisations to help people make the most of their money.
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Debt Solutions are Available for All

Speak To A Debt Specialist Today

0800 040 7064

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    Bankruptcy Disadvantages

     

    • If you are to apply for your own bankruptcy you would be required to pay a substantial court fee. At the present time this is £700 comprising of a court fee of £175 with a deposit of £525.
    • If you apply to obtain credit of more than £500 during your bankruptcy and prior to discharge you must bring this to the lender’s attention.
    • Any assets that you own at the time of your bankruptcy will automatically transfer to your Trustee in Bankruptcy.
    • You have a duty to provide full information as to your assets and liabilities, income and expenditure and fully co-operate with your Trustee in Bankruptcy. Failure to co-operate may result in the Trusteenin Bankruptcy applying to the court to suspend time running in respect of the duration of your bankruptcy and extending its duration.
    • The Trustee may make an application to the court for you to be subject to an income payments order and may require monthly repayments for a period of 36 months (unless the court orders a longer period).
    • You would be automatically disqualified as acting as a director of a limited company or taking part in the management of a company except with the court’s prior permission. You may also be prejudiced in your employment if you work in the financial services industry, police or other related areas or perform a management role.
    • Certain debts are not provable in bankruptcy eg student loans, arrears of maintenance, fines and child support agency payments. These will need to be paid even if you are bankrupt.
    • As the Official Receiver has to investigate the circumstances giving rise to your present financial predicament if this has been the result of reckless, blameworthy or dishonest conduct, the Official Receiver/Trustee in Bankruptcy appointed by him may apply to the court for a bankruptcy restriction order eg building up credit card debt that you realistically could not pay back.
    • Certain conduct in bankruptcy may result in prosecution and can be punishable by imprisonment of a maximum of two years for example defrauding creditors, concealing assets or destroying books and records.
    • Bankruptcy orders are advertised in the London Gazette and depending on the official receiver may be advertised in local newspapers therefore it may be difficult for you to operate a bank account during bankruptcy.

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