Personal Bankruptcy and What it Involves

If you’re in serious debt, personal bankruptcy should only be considered as a last resort.

Talk to the Clearstart first for specialist advice in case a better alternative, such as an IVA or another debt solution may be available to you.

Personal bankruptcy becomes a possibility when you can no longer meet the debt repayments to your creditors. Either you, voluntarily, or your creditors can then file a bankruptcy petition with the courts.

However, depending on your circumstances, your creditors will usually be far more receptive to you taking out an IVA to pay off your debts. This can save you from going bankrupt, the restrictions it brings and losing your home.

Find your best way out of debt today then discuss your options in confidence with our highly trained advisors. Getting help can be easier than you think!

Call us in confidence on 0800 988 9345 for further advice about personal bankruptcy, an IVA and other debt solutions.

Avoiding the restrictions of bankruptcy

There are enormous pressures involved in being in serious debt. But bankruptcy should not be considered lightly as the implications of living with bankruptcy are very extensive.

Call the Clearstart, you’ve got nothing to lose in finding out what other possible debt solutions, such as an IVA, may be open to you.

Please note, calls from mobiles and other networks to 0800 numbers may incur a charge. When you speak to us, ask us to call you back so that you do not have to pay for the call.

Personal bankruptcy FAQs

Q: How long will I be bankrupt for?

In most cases bankruptcy lasts for a year , after which time you are discharged. However, if you are required to make monthly payments from your income to your trustee these continue, usually for a period of three years. Details of your bankruptcy will remain on your credit file for six years.

Q: How will bankruptcy affect my employment?

Bankruptcy affects certain occupations and professions who may refuse to employ someone who  is either an un-discharged bankrupt or has been declared bankrupt in the past. These include the Police, Prison Officers, Armed Forces, Solicitors, Accountants and others in the Financial Sector.

Attitudes to financial difficulty amongst employees is certainly more enlightened than in the past, but restrictions remain.

Many large corporate organisations may ask potential employees if they have been declared bankrupt and may carry out background searches – this could also mean that promotion prospects could be affected.

Call us in confidence on 0800 988 9345.