• If you are a homeowner and you remain living in the property after bankruptcy your mortgage and any other secured loans would still need to be paid
• Student loans would be excluded
• Most court fines would be excluded. You would need to make an arrangement to pay these
• Child maintenance arrears cannot be included. You would need to make an arrangement to pay these

If you are a homeowner and have equity in your property, it is likely that you would be made to sell it. This would be needed in order for you to use the equity towards the debts that you owe.

It may be possible to safeguard your home if a family member or friend is willing to buy your share of the property (usually expected to be the market value of your share of the property). This enables the equity to be released, but still allows you to stay in your home.

If your property is in negative equity, where your mortgage is more than the property is worth, you may be given the opportunity to keep your home.

Other debt solutions may be more appropriate and allow you to keep your property. If you would like to know if bankruptcy is the right solution for you please use our online counselling service or call our free Helpline on 0800 138 1111.

Yes. You would still be allowed to operate a basic bank account whilst bankrupt.

It may do. If you are unsure whether bankruptcy may affect your job, you must check the terms and conditions of your contract of employment. You can also speak to your union representative or personnel department.

You are not able to act as a director of a limited company.