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

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 normally be debt free in 1 year or less.

You will have to pay an up-front court fee and administration charge to the court of between £250 and £300

You will be required by the court to realise valuable assets including equity on your home, expensive jewellery, antiques, expensive cars, and so on. Essentially you lose control of your assets.

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, which means, even after being discharged (released) from your bankruptcy, you may find it difficult to get credit or a mortgage.

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