Do you need to know more about bankruptcy?
Will Bankruptcy affect my future ability to obtain credit?
Being made bankrupt will affect your future ability to obtain credit from banks, credit cards and creditors. Bankrutpcy will remain on your credit file for 6 years after which time you can request this to be removed.
Will Bankruptcy affect my employment?
Bankruptcy may result in you losing your job depending on your occupation and position held within the company. You cannot be a director of a company while bankrupt and if you are self employed your business may well be ordered to cease trading.
Who handles my Bankruptcy?
The official receiver will handle your bankruptcy unless an insolvency practitioner is appointed. There responsible for all your financial affairs and report findings to creditors and sometimes the court.
What is my financial circumstances change during Bankruptcy?
Part of the Bankruptcy terms and conditions are for you to declare any increase in earnings to the offical receiver during bankruptcy. This includes all money whether it be additional earnings, money left to you in a will or redundancy payment.
What happens if i declare personal bankruptcy but also own a business?
Your business will normally be closed with all employees being made redundant. If this situation occured, you would be not be able to be a director of a company again unless you obtain special permission from the court.