Bankruptcy Records

If you're concerned about the effects that bankruptcy may have on you, do check to see if an alternative, less drastic debt solution is open to you, such as an IVA .

If your debts are so serious that bankruptcy really is inevitable, then remember that normally you'll be discharged from your bankruptcy after 12 months, but you may be expected to make monthly contributions from your income for a three year period.

However, you can continue to be subject to the restrictions of bankruptcy for as long as 15 years, if the Official Receiver believes there are reasons to apply to the court for a bankruptcy restrictions order because you have been dishonest before or during the bankruptcy.

The ability to get future credit

In addition to the above, your bankruptcy will remain on your credit file for six years. This means that any credit card or loan company doing a credit search will see that you have been bankrupt within the last six years.

You may also find that when applying for credit at any time in the future, you may still have to declare that you have been made bankrupt in the past.

Bankruptcy becomes public knowledge

As well as your bankruptcy being made known by the Official Receiver to official bodies such as your local authority, utility suppliers, credit reference agencies, Land Registry and others, your bankruptcy may also be advertised under legal notices in local or national newspapers. Therefore you can expect the details of your bankruptcy to be held on multiple records.

For more information regarding Bankruptcy Records, call us now on 0808 163 9579 to speak to an advisor or complete the form below.

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