BANKRUPTCY CHARGES CAN DOUBLE A DEBT.
You could lose your home and ADD bankruptcy fees and/or costs of up to £60,000 if you let trustees control repayment of your debt*.
*A trustee charged to manage a banckruptcy and ensure all debt is repaid can charge c.£300 per hour and you could be charged a Secretary of State fee of 17.5% on the amount raised from the sale of your home to repay your bankrupt debt.
Meanwhile, your bankruptcy creditors can also claim 8% statutory interest on outstanding amounts.
You will save money the sooner you can repay your debts.
Your house can be forcibly sold up to three years after your bankruptcy order if there is no other way to repay your debts.
You will probably get a higher price for your house if you sell it yourself and you could avoid thousands of pounds in added cost.