Bankruptcy is a legal procedure and can affect you in several ways. It can have very serious consequences for your home and may affect your job, so it is important that you get professional debt advice before you decide to go bankrupt.
Bankruptcy writes off all your unsecured debts. Your creditors will no longer be able to contact you or ask you to repay your debts.
Going bankrupt is a way of starting again financially, and for many people it can be the best way of dealing with debts that they will never be able to repay over their lifetime.
However, bankruptcy can have an adverse effect on many areas of your life and these must be considered carefully.
Bankruptcy can affect your bank account, your work and your home. It will also affect your credit rating. Be prepared to have to give up your car or downsize it to a cheaper vehicle.
Bankruptcy can also have adverse effects on your business and your pension. You also need to be aware that your bankruptcy will be published on the public register so there are also implications for your confidentiality.