How much does bankruptcy cost?
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Bigger2011
1 year ago
Expert Financial Adviser Answer
Darren Smith
answered 1 year ago
you will start with court fees of around £150 but if you employ a company to assist then you need to consider their fees too which will vary widely.
the other costs to consider are both the immediate and future impact on how you live:
•Certain restrictions will be placed on you. You lose control over your assets, including any equity you may have in your home.
•If you own your own business you may need to close down, leaving you and your staff unemployed.
•You will not be able to obtain any credit of more than £250 without permission from the lender.
•Debts such as student loan, child support payments, cannot be written off.
•Your credit rating will be adversely affected which may affect your ability to obtain credit in the future.
many mortgage companies will NEVER lend to a bankrupt regardless of how long you have been discharged.
this is a very big step and not one to be taken hastily
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the other costs to consider are both the immediate and future impact on how you live:
•Certain restrictions will be placed on you. You lose control over your assets, including any equity you may have in your home.
•If you own your own business you may need to close down, leaving you and your staff unemployed.
•You will not be able to obtain any credit of more than £250 without permission from the lender.
•Debts such as student loan, child support payments, cannot be written off.
•Your credit rating will be adversely affected which may affect your ability to obtain credit in the future.
many mortgage companies will NEVER lend to a bankrupt regardless of how long you have been discharged.
this is a very big step and not one to be taken hastily
