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Bankruptcy In Northern Ireland | Becoming Bankrupt

What is Bankruptcy?

Bankruptcy is when you legally declare that you can no longer pay your debts. People usually turn to bankruptcy as a last resort. It may sound like something you don’t want to do but for many they see it as a fresh start. IVA Northern Ireland offers other Insolvency Solutions such as IVAs which may be an alternative for you rather than bankruptcy.

Although Bankruptcy frees you from your debt, you must keep in mind that although your debts will be cleared your assets like your house, car, valuables, life insurance plans, etc could all be sold off in order to pay as much of the debt as possible. It also can mean other restrictions relating to your work (e.g. loss of career) that’s why you should view this option very much as your last resort. Bankruptcy also has a social stigma around it and people may find out that you are Bankrupt as Bankruptcy Orders are advertised in the Belfast and local newspapers. Other Implications of Bankruptcy include...

  • If you are a renter, your landlord will find out.
  • In some occupations your employment may be at risk i.e. You cannot be a company director, you may not practice as an Accountant / Lawyer / Justice of the Peace / Member of Parliament, you cannot take part in the promotion, formation or management of a limited company (LTD) without permission from the court.
  • You cannot trade in any business under any other name unless you inform all persons concerned of the bankruptcy.
  • You lose control of your assets.
  • You cannot obtain credit for over £250 without the permission from the lender.
  • Your credit is affected for many years after the annulment.
  • You may be publicly examined in court.

How are you made Bankrupt in Northern Ireland?

You can enter into Bankruptcy yourself, or if you have debts of over £750 you’re the creditors that you owe the money too can apply to make you Bankrupt. Other Debt Solutions such an IVA may help solve your problem before you have to resort to bankruptcy.

  • Voluntary Bankruptcy is where you enter into Bankruptcy yourself
  • Involuntary Bankruptcy is where a creditor you owe money to applies to make you Bankrupt.
  • The supervisor or anyone bound by an IVA can be made bankrupt if the terms are not followed.

How long does Bankruptcy last?

You are usually discharged from bankruptcy after 12 months, on the first anniversary of the bankruptcy order, but there are different dates depending on each individual’s circumstances.
When your Bankruptcy has finished, it is important to remember that the effects of Bankruptcy extend far further than just one year i.e. your credit rating will be affected for many years.

Apply for Bankruptcy Help and Advice with IVA Northern Ireland

If you would like to apply for Bankruptcy help and advice you can contact our expert Debt Advisors via one of the following methods...

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