If you live in Northern Ireland and you‘re on a low income or receive certain benefits, the court fee may be waived. Whatever your circumstances, the bankruptcy deposit always has to be paid.
Once you’ve petitioned for bankruptcy, the official receiver assigned to deal with your bankruptcy will look through your finances and decide if you need to pay anything towards your debts. You may have to pay a monthly contribution towards your debts for up to three years. This is called an ‘income payment arrangement’ or IPA. It’s payable if you have available income of more than £20 per month after paying your household bills and essential living costs.
The official receiver won’t make you pay anything towards your bankruptcy if you can’t afford to, and they’ll always leave you with enough money to live on each month.
If you have any valuable items, such as property, a vehicle, expensive items of jewellery or savings, the official receiver may arrange for them to be sold, and the money generated will be used to pay back some of your debts.