Bankruptcy

I am officially bankrupt, what should I do?

People who have been declared officially bankrupt are freed from most types of debt and are usually kept in a state of bankruptcy for three years and one day (i.e. undischarged bankruptcy).

While you’re in a state of bankruptcy, you must give your trustee details of your debts, income and assets. You may also be hit with contributions liability (or compulsory payments) if your income exceeds a certain official threshold.