What are the disadvantages of bankruptcy?

Your bankruptcy is entered on a public register and is advertised

If you apply to the court for your own bankruptcy, you will have to pay a court fee and deposit totalling £510

You will remain liable to pay certain debts – in particular student loans, fines and some debts arising from family proceedings

Any business you have will almost certainly be closed down

Your employment may be affected

Certain professionals are barred from practising if they are made bankrupt

You can’t act as a director of a company or be involved in its management unless the court agrees

You will be committing an offence if you get credit of £500 or more without disclosing that you are bankrupt

You may have a bankruptcy restrictions order made against you for 2 to 15 years if you acted irresponsibly, recklessly or dishonestly

Getting in touch with an insolvency expert for free debt advice is as easy as picking up the phone. Call the Re10 Debt Advice Helpline on free phone 0800 169 1536