Bankruptcy FAQ

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

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

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?

Understand who will be told that you are Bankrupt. Where is it recorded? Will your name go in the newspaper? Will your Employer or Landlord find out?

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?

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?

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

Can you be self employed if you are Bankrupt? Can you keep your tools? Do you have to change your bank account? What happens to your premises and employees?

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?