The disadvantages of bankruptcy are:
- It can be costly to become bankrupt. The overall cost is approximately £640.
- There is a big possibility that you may lose your home and other valuable goods.
- 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.
- You may find it difficult to get credit in the future.
- Your bankruptcy will be advertised in the Belfast Telegraph.
- Be careful as bankruptcy may affect certain jobs i.e. Solicitors.