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Bankruptcy
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What assets can I keep?

The trustee will decide this, but generally you can usually keep the following as long as their value is not higher than the cost of a reasonable replacement:

personal belongings
clothing
bedding
furniture
household equipment
other basic items you and your family need in the home
Items you need for your job

Can I make myself bankrupt?

You can declare yourself bankrupt, this is known as voluntary bankruptcy, or creditors can declare you bankrupt, which is involuntary bankruptcy.

When can my creditors declare me bankrupt?

A lender can apply to have you made bankrupt if you owe more than £750 and the debt is not secured against your property.

How long does it last?

Bankruptcy normally lasts for 1 year.

Can my creditors still take action against me?

If you debts are unsecured, your creditors cannot take any further action against you. However, you remain liable to pay certain debts such as student loans, fines, etc.

Can my creditors object to bankruptcy?

It is for the court to agree a petition for bankruptcy.

What happens at the end of my bankruptcy?

You become "discharged" which means that you are released from your debts although debts such as student loans and fines will remain.

What happens if I run a business?

If you run a limited company you cannot be a company director or be involved in the running of the business without the permission of the court.

If you are self-employed your business will usually be closed down, but you could start to trade again as self-employed. However, if you do start to trade either directly or indirectly you must tell all of the people you do business with the name under which you were made bankrupt.

Be aware, that certain professions are not permitted to practise if they are bankrupt, for example, solicitors and accountants.

What happens if I own a property?

If you own your home, your share of the value will form part of your assets. This could mean that the property may need to be sold or your interest in the property is sold. There are other options available to the trustee such as placing a charging order on the property.

Can I still obtain credit?

In theory yes. However, if you obtain credit of £500 or more you must tell the lender that you have been made bankrupt.

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