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Bankruptcy is usually the solution when an individual is found to be insolvent and with no
valuable assets. Its frees you from overwhelming debts and allows you to make a clean fresh start.
Bankruptcy can also be a good route when an IVA has failed completion.But it is subject to some
restrictions.
Advantages
valuable assets. Its frees you from overwhelming debts and allows you to make a clean fresh start.
Bankruptcy can also be a good route when an IVA has failed completion.But it is subject to some
restrictions.
Advantages
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All your debts are cleared and all responsibilities for them are taken away.
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You could be discharged from bankruptcy within 12 months.
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You can have a Bank Account.
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If a homeowner you may be able to keep your home.
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If payments are to be made to the court they may last up to three years.
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Disadvantages
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You could lose your valuable possessions and your home maybe at risk.
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You cannot obtain credit of £500 or more without disclosing your bankruptcy.
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Your credit rating is damaged and on file for six years.
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Your name will be published in your local paper and the London Gazette.
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Student Loans Company debts are not included and will remain to be paid after bankruptcy.
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You will not be able to act as a company director or be involved in the management of a Ltd company.
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You cannot trade under a different name unless informing all persons involved.
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In certain occupations your employment maybe affected.
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Bankruptcy