There are a number of implications to being made bankrupt. Some of these involve quite severe restrictions that can be placed on you. That’s why it’s so important that you first seek debt help to discover whether an IVA (Individual Voluntary Arrangement) or another debt solution would be a better option for you.
The implications of bankruptcy are far-reaching. The first thing is that you will immediately have to stop using your bank accounts and credit cards. But your home and other assets could also be used to pay off your creditors. This is why bankruptcy should always be viewed as the debt solution of last resort.
Call us free on 0800 083 1433 to find out more.
Get debt advice first
If you are in serious debt and bankruptcy does appear to be a real possibility, seek our debt advice first. It could be that other debt solutions such as an IVA, Debt Management or Re-mortgaging if you own a property could save you from the harsh implications of bankruptcy.
The future implications of bankruptcy
It's important to bear in mind that the fact that you have gone bankrupt will remain on your credit file for six years. Bankruptcy can also make it very difficult for you to work with certain employers in the future or to hold public offices.
Call us free on 08000 83 14 33 Our phone lines are open 8:00 am and 9:00 pm Monday to Friday, or 9:00 am and 5:00 pm on Saturday and 10:00 am to 4:00 pm on Sunday. You can call free for an initial chat about your own debt situation.
