Personal Bankruptcy
Personal Bankruptcy
With increased borrowing across the UK and many people unable to pay off debts, personal bankruptcy has become increasingly common. It is not difficult to declare yourself bankrupt and it is often seen as an attractive option to those suffering heavy debts; giving them the opportunity for a fresh start.
However, if you are thinking about personal bankruptcy there are some costs that you should keep in mind:
- You will lose control of your assets – you may even lose your house
- Undischarged bankrupts cannot act as a company director, practice as a Charted Accountant or Lawyer or hold an elected position
- You will find it difficult to get a bank account during your term of bankruptcy
- You will find it difficult to get credit or obtain a mortgage for years afterwards
If you have any questions, would like to discuss bankruptcy or want to talk about other options that are available, then complete our Debt Management Advice form and we will put you in touch with a finance specialist.
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