Bankruptcy Frequently Asked Questions

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

If I am Self Employed can I go Bankrupt

Can you go bankrupt if you are self employed? Can you keep your tools? Do you have to change your bank account?

What is a Bankruptcy Restrictions Order – BRO

When is a Bankruptcy Restrictions Order issued? The difference between a BRO and BRU. How will a BRO affect you? What if you get a windfall during a BRO?

What happens to my Car if I go Bankrupt?

Can you keep your car if you go Bankrupt? What if it is worth more than £2000? Could you sell it beforehand? What if it is on finance?

What happens to my house if I go Bankrupt

Can you keep your house after you go bankrupt? What happens if there is no equity? What if there is equity?

Do I have to make debt payments if I go Bankrupt

Do you still have to make debt payments after you go Bankrupt? If so for how long? What if your circumstances change? What if you are on benefits?

How long does Bankruptcy last?

What is the standard length of Bankruptcy? Can this period be extended? How long do creditor payments last? Over what time is your Credit Rating affected?

What will happen to my Job if I go Bankrupt?

How will your job be affected by Bankruptcy? Can you go Bankrupt if self employed or a Company Director? What about getting a new job?

The Law Governing Bankruptcy

A history of Bankruptcy Law in England & Wales. The Enterprise Act and Bankruptcy. Changes to the Bankruptcy rules since 2009.

When are you discharged from bankruptcy

What does Discharged from Bankruptcy mean? Can you be discharged early? Could your discharge ever be delayed? What happens afterwards?