What are the disadvantages of Bankruptcy?

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The disadvantages of bankruptcy are:

  1. It can be costly to become bankrupt. The overall cost is approximately £640.
  2. There is a big possibility that you may lose your home and other valuable goods.
  3. Creditors like your mortgage lender are not affected by bankruptcy and may still take action against you for the debt i.e. repossession of your home.
  4. You may find it difficult to get credit in the future.
  5. Your bankruptcy will be advertised in the Belfast Telegraph.
  6. Be careful as bankruptcy may affect certain jobs i.e. Solicitors.