Bankruptcy In The UK

Bankruptcy in the UK has become more common in today's society due to increased borrowing, with many people unable to pay their debts because of redundancy, illness or even just the inability to cope with high interest rates.

Bankruptcy will clear you of overwhelming debts, opening the way for a fresh start, but it is a very serious option to consider and does entail some long-term consequences:

Your credit rating will be affected for years afterwards (usually a minimum of six)
You will lose control of your assets
Undischarged bankrupts cannot act as a company director, practice as a Charted Accountant or Lawyer or hold an elected position

If you would like to discuss bankruptcy or possible other options available, then complete our Debt Management Advice form and we will put you in touch with a finance specialist