Personal Bankruptcy Increases

It has been announced today that there has been a record increase in the number of people becoming insolvent. IVA's seem to the most popular way forward although Personal Bankruptcy is increasing.

Even though the new bankruptcy rules mean that discharge within one year is possible, the real consequences of bankruptcy are with the person for some time. Given the level of personal debt that most individuals have will this be an ongoing trend. What happens if interest rates by even one or two percent?

It seems that I am just one of 60,102 individual insolvencies during the last 12 months.

It's Official

Checked the post this morning and found my certificate of discharge. That makes it 34 weeks to the day since I was declared bankrupt. The discharge apparently happened in the middle of October and it has taken this long for the court to sort out the paperwork. In three months my details will be removed from the bankruptcy register.

So, what's next? There are lots of decisions to be made. Do I pay for a notice in the London gazette to announce I am discharged or do I send copies of the notice to all the different credit reference agencies? Do I contact each creditor and ask them to advise the credit reference agencies that their debt has been satisfied by the bankruptcy?

The biggest challenge is now going to be living with repercussions of the bankruptcy for the next six years.

Will keep you all notified of how I am getting on.