Bankruptcy Advice and Help
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What are the effects of bankruptcy?
During a person's bankruptcy period the following apply
- A person can't hold certain public offices.
- All assets including your primary residence are controlled by the trustee.
- One can only conduct business using the business name under which you were made bankrupt. You are prohibited forming new commercial activities without a court's permission.
- A person may open a new bank or building society account but you will have to declare you are a bankrupt
Once a person is discharged from your bankruptcy you are no longer bound by most of the legal implications of bankruptcy. But a person will be registered with the credit reference agencies that you were bankrupt and this will stay on your credit file for six years. After this point, when applying for a mortgage, a person may still have to declare that you were bankrupt.
You will and can rebuild your credit rating, however it may take a long time.
Are you sure declaring bankruptcy is the only option? Contact us now and see if there are other solutions to declaring either personal bankruptcy or business insolvency
See our new bankruptcy resource page