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If you get into big financial difficulties, then bankruptcy may seem like your only option. But bankruptcy is very serious and can have long-lasting and far-reaching consequences. Therefore, bankruptcy is something to be avoided if at all possible.

A bankrupt person is not allowed to run a business. That means that if you are declared bankrupt then any business or company you run will have to be shut down as soon as you enter into bankruptcy.

If you are declared bankrupt, it might lead to the loss of the family home, a feeling of humiliation, and problems in the future when it comes to obtaining mortgages, secured loans, credit cards, hire purchase, and other forms of credit in the future.

Your ability to obtain a secured loan, mortgage, personal loan, credit card, or get other forms of credit in the future may be affected for several years, even once your bankruptcy has run its course and you have been discharged from bankruptcy.

People in certain lines of work, where solvency is a requirement, may lose their job as a result of going bankrupt and/or be prohibited from being a member of certain professional associations or trade bodies.

When someone goes into bankruptcy, it is always advertised. If you are declared bankrupt, a bankruptcy notice will be placed in the the local papers where you live and in the London Gazette.

Your bank, building society, creditors, landlord, and anyone else you have a financial connection with will receive a formal notification of the bankruptcy.

Even worse, you may be forced to give up your home so that it can be sold to pay off some or all of your debts.

You will have to return any items you have bought on credit (e.g. a car on a hire purchase agreement) and all your bank accounts will be closed.

Once in bankruptcy, you might lose any assets that you acquire during the period of your bankruptcy.

If you own your own home and have sufficient equity in the property, then you may be able to avoid bankruptcy by arranging a secured loan to clear your outstanding debts by paying off your creditors.

But you will need to act quickly and take advice from a specialist in this field. Fill in our enquiry form and we will put you in touch with a qualified secured loan adviser who will try to help you avoid bankruptcy and so keep your home.