Bankruptcy
Bankruptcy is a way of dealing with debts you cannot pay.
There are two ways to become bankrupt:
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The individual applying for bankruptcy, a No Asset Procedure or a Summary Instalment Order now applies for these options online via the Insolvency and Trustee Service website or by sending a completed statement of Affairs and application form directly to the Insolvency ad Trustee Service.
- A creditor can apply to the High Court to have a debtor adjudicated bankrupt.
Becoming bankrupt is a serious decision and it should only be viewed as a last resort. It is recommended that anyone considering making themselves bankrupt should get professional advice on how bankruptcy might affect them.
Information relating to bankruptcy can be found on the Insolvency and Trustee Service website. You may find the Frequently Asked Questions section [link to ITS website] a good place to get an overview on bankruptcy.
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