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Well not necessarily. It’s true that when you are declared bankrupt or enter into an Individual Voluntary Arrangement, then this goes on public record in the Individual Insolvency Register. But the days of the advert in the local newspaper are long gone. The people that will get to know are obviously all of your creditors (which can include the bank , the mortgage company or your landlord) and you need to be careful if you work in any kind of job which requires a licence or some sort of

Bankruptcy

bankruptvy

Remember that formal insolvency processes are complicated, and only explain a tiny part of the entire procedures. Remember also that these rules also may apply to individuals working within partnerships so please speak to Dodd Rescue so that we can explain further.

Bankruptcy is the formal recognition that an individual is unable to pay their debts. It follows a strict legal process through the Courts. Individuals can petition for their own bankruptcy, or the process can be carried out by the people to whom they owe money ie a “creditors petition”.

As it is a Court process, fees are payable, but reductions in costs can be obtained by individual petitioners if they can prove they are unemployed or in receipt of other forms of benefit. The procedure starts with a bankruptcy petition, and if the Court considers it appropriate, a bankruptcy order will be made.

A bankrupcty order normally last for 12 months. During this time the bankrupt cannot obtain credit in excess of £500 (without the credit providers permission).

You can continue with self employment (subject to certain conditions). Continuing your employment will depend on the type of job that you hold.

Your bankruptcy will be a matter of public record on the Individual Insolvency Register.

If you are in doubt as to what bankruptcy means then the Insolvency Service provides extremely useful help and guidance at www.insolvency.gov.uk.

To find out more about how we can help please call either Carol, Jackie or Jeanette on 01768 864466.