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Bankruptcy Rules

The best way to describe this is to assume that, once bankrupt, you lose control of your financial affairs.

You are under a duty to report any changes in your circumstances.

You are allowed to receive up to £500 of credit without advising anyone, but if you exceed this you need to make the third party aware of your bankrupt status. This sort of thing happens often in cases where small businesses and traders have established a good working relationship. That potential creditor might take the view that it is in their best interests to continue a working relationship with you.

You are allowed to trade as a sole trader very easily

You must not conceal assets in any way

You need to be totally transparency as to how you have ended up in the position you have ended up in.

You must stay positive and not feel intimidated by the process.

You must remain self assured and not allow what has happened to you to put you off trying again.

The bankruptcy will last for a maximum of 12 months provided you do not have a bankruptcy resriction. These only really happen in the most serious of cases or where an individual has been made bankrupt and the Official Receiver has been unable to contact the individual despite numerous attempts.

 

 

Bankruptcy UK

Bankruptcy UK