The court fee may be waived if you:
- Live in Northern Ireland and
- Have a low income or receive certain benefits
The bankruptcy deposit always has to be paid.
Once you apply for bankruptcy, the official receiver (OR) dealing with it will:
- Look at your finances
- Tell you what else you need to pay 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 is payable if you have more than £20 left per month after paying:
- Your household bills
- Essential living costs
You will not have to pay anything towards your bankruptcy if you cannot afford to.
The OR may arrange for valuable items to be sold like:
- A vehicle
- Expensive items of jewellery
Any money from this will be used to pay back some of your debts.