What are the implications of being made bankrupt?

There are many implications of bankruptcy. Bankruptcy will place a range of strict restrictions on you. That’s why you need to be absolutely sure that an IVA or other debt solution isn’t still a viable option to solving your debt problem.

If you do go bankrupt, you must stop using your bank accounts and credit cards. Plus all your assets, including your home, could be used to pay off your creditors. So you can see that the implications are huge - and don’t end there. But don’t despair, we’re here to help. Call us free and we’ll ensure you get expert, honest and impartial advice about how bankruptcy will affect your individual situation.

The implications of bankruptcy are not just financial

It’s important to bear in mind that the effects of bankruptcy extend beyond just clearing your debts. For example, you won’t be able to act as a company director without the court’s permission. And you may not be able to hold certain public offices or take on work with some employers.

Where can I get more information about the implications of bankruptcy?

The important thing is to get advice you can trust. The Debt Advice Trust is a registered not for profit organisation and is here to provide honest, reliable and expert advice. You’ll be able to talk to someone about the implications of your bankruptcy, but we will also make you aware of all your options and what could be the best solution to your particular problem.

TOPIC FAQ's

• Q: How can I be sure if bankruptcy is right for me?

  A: This is a vital question. An IVA, or other debt solution, may be more appropriate for your individual situation, rather than bankruptcy. Do talk to us first. It won’t cost you a penny and will help you make up your mind.

• Q: How long will bankruptcy remain on my credit file?

  A: Six years. If you apply for credit after that time, you may still have to declare that you have been bankrupt.

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