Bankruptcy Implications
A Bankruptcy Order comes with many long term implications which must always be carefully considered before you make your final decision. For help and advice please speak to our advisors on 0808 131 9101.
Bankruptcy Implications:
- Any spare income will be paid to your creditors.
- So that creditors can receive some form of repayment, all available assets will be sold. This includes your home and possibly your car.
- It will take years to rebuild your credit rating. If you wish to gain credit in excess of £500 then you must declare that you have been made bankrupt in the past.
- Future career prospects will be hindered. For example, bankrupts cannot become company directors.
- Details will be published in your local paper.
Bankruptcy Alternatives:
The implications of Bankruptcy can be avoided as there are alternatives available. For more information please call our specialist advisors on our free phone number, 0808 131 9101 or leave your details in the Quick Enquiry Form for more information.
In terms of solving debts, bankruptcy is an extreme solution, and is only suitable for debtors when all other options are exhausted. Always take expert advice from an Insolvency Practitioner.
Entering into an IVA may adversely affect your
credit rating for up to six years from the date of approval.
Your property will be protected within an
IVA but you may be required to release all or part of any equity during the
period of the arrangement.
Failure to complete the term of an IVA can
result in bankruptcy.
(In Scotland, a PTD is the equivalent to an IVA.)