DEBT AGREEMENT SPECIALISTS

THE EFFECT OF GOING BANKRUPT

 

CREDIT RATING

 

• If you go bankrupt your details will automatically be recorded on a government file for 7 – 10 years.

 

TIME IN BANKRUPTCY

 

• Generally you will be bankrupt for 3 years. During this period you may need to make contributions from your income, depending on how much your income is.
  

 

ASSETS

 

• All assets in your name may be potentially surrendered for the benefit of your creditors. You may be allowed to keep your car, up to a certain value. Other items you may be able to keep are household, personal and tools for trade.
  

 

BEING IN BUSINESS

 

• You can still work and even be self-employed whilst you are bankrupt. However, you can not be a director of a company.

 

OVERSEAS TRAVEL

 

• If for some reason you need to travel overseas then you will need to inform you Trustee before doing so.