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Learn about Bankruptcy
Bankruptcy should be a last resort when it comes to debt management.
Read our guides to find out if there's a more suitable debt solution for you that would mean you could avoid declaring Bankruptcy.
- What is Bankruptcy?
- What are the advantages of Bankruptcy?
- What are the disadvantages of Bankruptcy?
- What does Bankruptcy cost?
- Will you lose your house?
- Will you lose your assets?
- Could you avoid declaring Bankruptcy?
- How long does Bankruptcy last and what effect will it have on your credit rating?
- What is a Bankruptcy Restriction Order?
How long does Bankruptcy last?
Bankruptcy usually lasts for 1 year and in some cases it could be less if you fully cooperate with the Official Receiver.
You may have a Bankruptcy Restriction Order placed on you which will affect the length of your Bankruptcy and may mean it will take longer to be fully released from it.
What effect will it have on your credit rating?
Bankruptcy will remain on your credit file for 6 years from the day you are declared bankrupt. It will be virtually impossible to get any credit during the first 12 months of bankruptcy, but after that it will slowly become easier to get credit.
Find your best debt solution online
by phone
Our debt solution partner's qualified advisers will explain all the options available and help set up a debt solution that's right for you.
Lines open today from 8.30am
0800 077 3286
(01329 888 374 from mobiles)