In a typical Bankruptcy scenario your assets will be sold off to repay your creditors. This may include your home if there is sufficient equity involved. Your personal belongings, contents of your home and tools of the trade are all excluded unless these are of a high value, in which case, these may be sold also. Bankruptcy impacts heavily on families and will also impact on your credit rating and ability to obtain future credit. Bankruptcy will typically last 1 year until you are discharged. Whilst you are undischarged there are a number of restrictions imposed on you. For example, you will not be able to act as a Company Director.
There are a number of alternatives to Bankruptcy such as Individual Voluntary Arrangements (IVA) and Informal Debt Solutions. If advice is taken early enough, it may be possible to avoid Bankruptcy altogether and get your personal finances back on track. Talk to us today to discuss your circumstances on 01392 255888.