Bankruptcy is always publicly advertised. The advert, which will usually appear in your local newspaper, will contain details of your name, address and occupation.
You lose control of your assets and they will be sold to pay your debtors.
There are many restrictions regarding your involvement in future businesses. For example you will not be able to act as a company director.
Your credit is affected for many years after you have gone bankrupt.
If you fall into financial difficulties again, and are made bankrupt by creditors, you will have to serve a minimum 5 years bankruptcy.
You cannot take on credit in excess of £250 without declaring that you are a bankrupt.
Department Trade and Iindustry will keep a record of the bankruptcy for up to 15 years.
Have your building society, creditors, landlord etc immediately informed.
Have all bank accounts, credit cards etc closed. Anything you might be leasing, or buying on hire purchase, such as your car will be immediately returned to the owner.
You will interviewed by an Official Receiver and questioned as to how or why you fell into difficulties and if you behaviour was considered to be rash or hazardous you may be subject to a Bankruptcy Restriction Order.
You have a duty to co-operate with the Official Receiver or Trustee in Bankruptcy.
Debt Consolidation Explained contains general information only. We strongly advise you to seek qualified professional advice before taking any action.