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Bankruptcy FAQs

  1. Will my job be affected if I declare bankruptcy?
  2. How long does bankruptcy last?
  3. What will happen to my home?
  4. What will happen to my tenancy?

“Will my job be affected if I declare bankruptcy?”

There are various professions which will not allow you to continue to practice while you are a Bankrupt person. These include: Lawyers, Chartered Accountants, and many positions within the Financial Services industry. You will also be prevented from being a Member of Parliament, Justice Of The Peace or Local Authority member while you are a Bankrupt person.

You are also not allowed to operate as a Limited Company Director or be involved in the promotion, formation or management of a Limited Company without permission from the Court. If you are currently in such a position, you must think very carefully before declaring yourself Bankrupt.

“How long does bankruptcy last?”

Bankruptcy normally lasts for one year. After this time, you’ll be ‘discharged’ from your bankruptcy regardless of how much you still owe.

“What will happen to my home?”

If you live in a mortgaged property or own your home outright then it may be sold. The Official Receiver does not have to do this straight away and you will have time to find alternative accommodation.

“What will happen to my tenancy?”

If you live in rented accommodation then your landlord will be informed of your Bankruptcy. You should check your tenancy agreement and seek legal advice to find out how your tenancy might be affected by Bankruptcy.

Find out more about:

Bankruptcy Alternatives
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