Bankruptcy information and alternatives to bankruptcy

What are the implications of Bankruptcy?

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Whether you’re struggling to maintain your financial commitments or stuck in serious debt, bankruptcy should be viewed as your last resort. Other debt solutions, such as a debt management plan, may help solve your debt problem with fewer negative consequences, depending on your situation.

It’s important to understand that with bankruptcy, while all your debts will be settled and cleared, your house and all other assets, such as expensive cars, shares, savings, valuable furniture, life insurance plans, and unapproved pension schemes could all be sold off to pay your creditors.

What else does bankruptcy involve?

Being made bankrupt means your bank accounts and credit cards will be closed. Your bankruptcy may even be announced in the newspapers and it can mean other restrictions relating to your work and future ability to obtain loans, mortgages or credit cards. That’s why you should view this option very much as your last resort.

The lasting effects of bankruptcy.

You could be discharged from your bankruptcy after 12 months. However, you should be aware that this can be extended for as long as 15 years, depending on what restrictions are placed on you by the official receiver following their investigations.

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