Bankruptcy is a last resort action if you have limited assets and income. In many instances it is a positive step in resolving your financial problems and moving forward. You can declare yourself bankrupt or one of your creditors may petition for your bankruptcy.
In some instances you may be required to make contributions from your income and income payments agreement, contributions in this regard are payable for a period of three years.
If you have been served with a bankruptcy petition or feel that bankruptcy may be applicable in your circumstances, speak with one of our insolvency practitioners today. Further information regarding bankruptcy can be obtained from the Insolvency Service at www.bis.gov.uk/insolvency.
This is a leaflet produced by the Insolvency Service providing additional information on bankruptcy: http://www.bis.gov.uk/assets/insolvency/docs/publication-word/guide-to-bankruptcy.doc