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Bankruptcy can have major consequences. So, bankruptcy is something you should try to avoid if you possibly can. If you are declared bankrupt, it could lead to the loss of your home, a feeling of shame, and difficulties in the future when it comes to obtaining finance, loans, mortgages, and other forms of credit in the future.

A bankruptcy is always advertised. When someone is declared bankrupt, a bankruptcy notice is placed in the local papers for the area where you live and in the London Gazette.

Your landlord, building society, bank, creditors, and anyone else you have a financial relationship with will be sent a notification of the bankruptcy.

If the Official Receiver deems it necessary, you may be forced to hand over your home so that it can be sold and used to pay off some or all of your debts.

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

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

In addition, you could find you lose any assets that you acquire during the period of your bankruptcy.

Your ability to obtain finance, mortgages, personal loans, credit cards, or get other forms of finance 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 some professions may lose their job after being declared bankrupt and/or be barred from membership of certain professional associations or trade bodies.

If you own your own home and have sufficient equity in the property, then you may be able to avoid bankruptcy by arranging some form of finance 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 finance adviser who will try to help you avoid bankruptcy and so keep your home.