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Declaring Bankruptcy, what are the implications?

If you are deep in debt, bankruptcy should be viewed as your very last option. Other solutions, such as an IVA, may help your problem, dependent upon your current situation.

It’s important to know that with bankruptcy, while all your debts will be cleared, your property and all your assets, such as car, valuable furniture, life insurance plans, and unapproved pension schemes may  be sold off to pay any outstanding funds to your  creditors.

Bankruptcy  means your bank accounts and credit cards will be closed. Your bankruptcy will be announced in certain publications and it can mean other restrictions relating to your employment with companies in the future and your  ability to obtain credit may be affected .

Normally you will be discharged from your bankruptcy after 12 months, But  you should Know that this can be extended for as long as 15 years, depending on what restrictions are placed on you by the official receiver.