Consequences of Bankruptcy

Whilst bankruptcy allows you to wipe out your debts and restart your life, there are some consequences of this solution. However for many people once they understand the consequenses they are satisfied they are making the right choice for themselves and their families.

During the Bankruptcy period you are restricted from the following activities:-

1. Borrowing £500 or more without first telling the lender that you are currently bankrupt. This is a  criminal offence and is taken very seriously. Provided that you adise the lender of your status you are not committing any offence.
2. You are not able to hold Public Office. This would include elected posts such as MP's , local goverment, school governors etc 
3. You cannot act as a Director of a Limited Company or seen to be managing a limited company ( classed as a shadow director).
4. There are certain job roles that you are restricted from undertaking whilst bankrupt and these include :-

            Chartered Accountant

            Solicitor

            Chief Financial Officer

            Trustee of a Charity

            Financial Services ( many jobs within the Financial Services Industry) i.e.

            Bank Manager

            Mortgage Broker 

Whatever bankruptcy help and advice you need feel free to call our head office which is based in Somerset on 08454 751 851.