One of the serious consequences of becoming bankrupt is that you can expect bankruptcy records to be kept on you for at least a 12 month period. But this can be extended to 15 years if the Official Receiver believes further restrictions should be placed on you.
This is one of the reasons why bankruptcy should only be viewed as a last resort. With our debt help you may well find that an IVA (Individual Voluntary Agreement) or another debt solution could be a better option for your particular circumstances.
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Future implication
If you do go bankrupt, your bankruptcy will appear on your credit file for six years. So, for example, if you apply to a credit card or loan company within that six year period, they will be able to see from their credit search that you have been bankrupt. Clearly this could have a serious bearing on whether they agree to provide you with any services.
Avoiding bankruptcy records
There are debt solutions that could help you avoid bankruptcy. With an IVA, for example, only your creditors will need to know about it. And it may be that a Debt Management Plan or Consolidation Loan could be suitable for you. Talk to us for the best debt advice.
Call us free on 0800 083 1433 Our phone lines are open 8am - 8pm Monday to Friday and 9am - 5pm Saturday. You can call free for an initial chat about your own debt situation.
