Bankruptcy Frequently Asked Questions

Frequently Asked Question section is here to help clarify certain questions about debt

What if my income changes while I am Bankrupt?

What if your income changes (either increases or falls) during Bankruptcy? Can you keep any overtime or bonuses you get? How often is your income reviewed?

Can I go Bankrupt if I have moved Abroad?

Can you go bankrupt in the UK if you now live either inside or outside the EU? How to go Bankrupt from abroad. How are you affected locally?

Can I have a Bank Account if I go Bankrupt?

Can you keep your bank account if you go Bankrupt? How to open a new basic account. Can you have a business account?

The Official Receiver

What does the Official Receiver (OR) do? What happens in your interview with them? What paperwork will they ask you for? What if you don’t cooperate?

Who will be told if I go bankrupt

Who will find out you are bankrupt? Where is it recorded? Does your name go in the newspaper? Will your employer or landlord find out?

How are my Possessions affected by Bankruptcy?

Which possessions can you keep if you go Bankrupt? Can you give assets away before Bankruptcy? Is the value of your things checked? Can you keep your pets?

Who can make you Bankrupt?

Can anyone make you Bankrupt? Are your creditors likely to take this action? Will HMRC petition for your bankruptcy? Is it better to go Bankrupt yourself?

Can you rent a property when you are Bankrupt

Will your Landlord be told if you go Bankrupt? What if your rent increases? Can you move to a different rented property if you need to?

If I have Gambling Debt can I go Bankrupt?

Is gambling debt included in Bankruptcy? Will the length of your Bankruptcy be extended? Do you have to prove you have stopped gambling?