Bankruptcy Advice

If you are unable to pay your debts when they fall due then bankruptcy may be the solution. But remember there are alternatives to bankruptcy that you should also consider before making a decision.

How will bankruptcy affect you?

Once you are declared bankrupt the courts will place certain restrictions on you for the duration of the bankruptcy order (typically 12 months), these include but are not limited to:

• You will not be able to obtain credit over £250 without informing the lender of your bankruptcy.
• You must obtain permission from the courts before acting as director of a limited company.
• You cannot act as a trustee of a charity or pension fund.
• If you ran a business you will not be able to act as a Director of a business under a different name without disclosing the name of the business that went bankrupt. You could, however, work as an employee until discharged.

How bankruptcy works will give you more information on the bankruptcy process.

Any information you provide will be kept completely confidential.