Declaring Bankruptcy

Declaring bankruptcy is a way of dealing with financial obligation that you cannot meet, but it is a difficult and often humiliating process to go through. Before you consider declaring bankruptcy you should contact a specialist financial advisor and examine any alternative options that might be available to you, such as restructuring your debts.

If you are thinking about bankruptcy it is important that you are aware of the short and long term consequences, which include:

You will lose control of your assets
Your situation will be made public knowledge and remain on record for years to come.
Undischarged bankrupts cannot act as a company director, practice as a Charted Accountant or Lawyer or hold an elected position
Even after being discharged it will affect your credit rating and your ability to obtain a mortgage for years.

If you would like to talk about bankruptcy or want to get debt advice from an expert, fill out our Debt Management Advice form and we will put you in touch with a financial specialist.