The after effects of Bankruptcy do not disappear at the end of the order. The stigma and implications attached to bankruptcy can last for many years to come.
During the bankruptcy procedure, any assets may be sold to raise money for your creditors to help repay some of your debts, including your home. During the Bankruptcy Order you will not be in control of your assets, and can only allowed keep essential work and home items. The rest will be claimed by your creditors and then sold.
You will have to inform your Bankruptcy Trustee of any wage increases or extra money received, such as money left to you in a will or a windfall such as a lottery win.
If you ever wish to seek credit of more than £500, then you must declare that you have been bankrupt, and it is an offence not to do so. You will have a poor credit rating thus making it extremely hard to get credit for any purpose. This hinders your chances of becoming a homeowner, as it will limit the amount of money you can borrow for a mortgage.
Bankruptcy limits your employment prospects, examples of these include the Armed Forces, Police Services and Post Office workers.
Remember, there are a number of alternatives to bankruptcy, which have less serious implications. Please call our free phone number, 0808 131 9100, for more information or fill in the Quick Enquiry form.