Make yourself bankrupt
Get advice about bankruptcy
Anyone with personal debts can become bankrupt, including individuals, sole traders and individual members of a partnership.
Bankruptcy is a serious matter, so before you decide to apply for your own bankruptcy, you should seek independent legal or financial advice about bankruptcy and the available alternatives. You must do this in good time, as professional advisers cannot help you if matters have already gone too far.
It is a good idea to take financial and legal advice as soon as you or your business start getting into financial trouble - for example if:
- you can't cover your debts
- you can't pay staff wages
- there is an acute lack of working capital
Your accountant, who may already be familiar with your business, may be able to advise you.
Free debt advice
There are a number of organisations that offer free debt advice in Northern Ireland. These include:
