Bankruptcy, the final frontier
Well you might be thinking, bankruptcy, is it the last resort? Well yes that’s what it is, the LAST resort, it can have a serious effect on your life and make getting credit in the future near impossible.
A lot of people who haven’t encountered debt to such an extreme look down on bankruptcy thinking it’s just a way of getting out of paying people what you owe. It’s a fair point that if you get yourself into debt then you should pay it back, it’s not fair for the lender to be out of pocket but at the same time there are bankruptcy laws for a reason, sometimes there is simply no other option and leaving yourself in debt is just going to run up more and more and get neither you or the lenders anywhere.
Okay so you think you have made the decision to go bankrupt, but how do you actually go about doing it? Firstly you need to go to your local county court and pickup a bankruptcy pack which includes the documentation required. Next you need to pay a fee of £485 (this seems slightly odd to pay for going bankrupt when you quite obviously have no money..). After this you will have a one on one chat with a judge who will ask you a few questions and in a short time decide whether or not they feel you’re a genuine candidate, if all goes well then it will be pushed through.