After Bankruptcy

After bankruptcy, you will regain control of your own money and, if there is no income payment order, you will be able to start trading again. However, there will be some long-term consequences.

Individuals who survive bankruptcy will experience problems such as:

Poor credit rating: after bankruptcy your will find it difficult getting any form of credit and may have to pay a higher rate of interest
Being an undischarged bankrupt means you cannot be a director of a company and in some cases cannot hold some elected positions. After bankruptcy, you may also be subject to a Bankruptcy Restriction Order for up to a period of 15 years
If you are found by the court to be responsible for your company’s insolvency, you can be disqualified from being a director for up to 15 years
Individuals may be rescued by voluntary arrangement but could still experience difficulties in their credit rating

If you want to know more about your finances after bankruptcy, then fill in the Debt Management Advice form and a bankruptcy specialist will be in contact to provide you with free, impartial advice to get you back on your feet.