In a nutshell, when you declare bankruptcy then all of your unsecured debts are written off. If you own your own house then you would have to continue paying the mortgage unless you couldn't afford it.
You will normally be discharged in 12 months.
You may, dependent upon your disposable income, have to pay across to the bankruptcy for three years.
The bankruptcy will remain on your credit file for six years from the date you were declared bankrupt and you will not be able to get any more credit during that time and may find it difficult afterwards.
Court fees currently cost £700 per person.
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How do you clear debt with a bankruptcy?
Posted - 24 January 2012 : 00:42:53
