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Bankruptcy writes off many types of debt, such as credit cards. You need to pay any debt that cannot be written off. The person who handles your bankruptcy will confirm what is included.
Some debts included in bankruptcy are:
If you forget to put a debt on your application:
The rules around debt relief orders (DRO) have changed. These changes could help people considering an insolvency solution like bankruptcy. A DRO will now be a cheaper alternative to full bankruptcy for some people.
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The following debts are not cleared by a bankruptcy. You need to keep paying these.
Apart from a few other rare exceptions, all other debts are written off by bankruptcy.
Hire purchase
Finance companies often cancel hire purchase or logbook loan agreements when you go bankrupt.
In some cases you may be allowed to keep the goods, but you have to keep paying the debt.
Mortgages and secured loan debts:
These are included if:
You need to keep paying these as normal if you stay in your home.
A joint debt is one that:
Joint debts are not written off unless the other person is also going bankrupt.
You do not have to pay them but:
If you have any joint debts, you should think carefully about how this would affect the other person before you decide to go bankrupt.