Bankruptcy Implications

Bankruptcy comes with many unavoidable long term implications which need to be considered before you make your final decision. We can offer you Debt Advice on 0800 0481 775.

Debt Advice - Bankruptcy Implications:

• Your assets will become the property of the Trustee and sold to make some form of repayment to your creditors, including your home and possibly your car.
• The only assets you can keep are those which are required for a basic standard of living.
• Any spare income will be paid to your creditors.
• Your future career prospects may be hindered as bankrupts cannot become company directors.
• Your credit rating will take years to rebuild, as the bankruptcy order will remain on your credit file for six years.
• Details about your Bankruptcy will be advertised in your local paper and can be viewed online.