Kerry Katonas bankrupt status will not be lifted for the foreseeable future, it has been claimed.

According to The Mirror,
the reality TV star had hoped that her financial woes would end this
month, but has been hit with a new setback after the Insolvency Service
won a bid to have her planned discharge suspended indefinitely on
July 14.

Katona was declared bankrupt at Londons High Court in August 2008 after she failed to pay the remaining 82,000 of a 417,000 tax bill.

It
has now been alleged that the status could remain in place until next
year, meaning that the ex-singer will continue to make regular payments
to her creditors.

Though it would not comment specifically on
Katonas case, the Insolvency Service confirmed: For a bankrupt to
have their discharge suspended, something serious would have had to
have been brought to our attention.

Many people still think that Bankruptcy is an easy way out Go
Bankrupt draw a line in the sand and in 12months time, start
again

It isnt really that easy

If youre contemplating bankruptcy, get some quality advice before you make your move

For most people Bankruptcy really should be seen as a last resort, but if youre unable to take advantage of any of the other debt solutions available or if they simply do not suit your circumstances it may be the best way out.

The Enterprise Act 2002 came into force on 15th September 2003. It made various changes that reduced the effects of Bankruptcy, including:

• Reduce the number of restrictions that are automatically imposed on undischarged bankrupts and provide for the automatic discharge of nearly all bankrupts after a maximum of 12 months.

• Introduce Bankruptcy Restrictions Orders (BROs) to protect the public and the commercial community from bankrupts whose conduct before and during bankruptcy has been found to be culpable.

• Introduce Income Payments Agreements (IPA) as an administrative alternative to court-based Income Payments Orders (IPO). IPAs will carry the same conditions as IPOs and both will be able to run for a period of up to three years.

• Enable the Official Receiver (OR) to act as nominee and supervisor of new fast-track IVAs begun after bankruptcy order has been made.

• Require the Official Receiver to investigate why a bankrupt failed only where he thinks that this is necessary.

• Limit to three years the period in which a trustee may deal with a bankrupts interest in the sole or principal home of the bankrupt, the bankrupts spouse or a former spouse before that interest revert to the bankrupt.

For many people, bankruptcy is a way of drawing a line in the sand with regards to their debts & although it is never to be seen as an easy way out or an ideal solution, it can serve a purpose in certain circumstances if (and only if) all of the other debt solutions, e.g. IVAs are unsuitable.

If you think that Bankruptcy is your only option, phone me now on 0800 533 5370 & speak to somebody who has just been through it