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Sometimes Bankruptcy Is Your Best Or Only Option

Depending on your personal circumstances Bankruptcy may be the best option for you, however DCA Business Recovery will assess your situation and provide advice on the best route forward.

Bankruptcy doesn’t need to be daunting. Providing that you understand the procedure and what will happen whilst you are bankrupt, the process is straightforward and will bring a definitive conclusion to your debt problems.

However there are some restrictions to be adhered to whilst you are an undischarged bankrupt and these are summarised as follows:

  • You cannot act as a director of a limited company;
  • No credit can be obtained over £500 without declaring that you are an undischarged bankrupt;
  • You must comply with the Official Receiver and Trustee in Bankruptcy at all times;
  • You must trade in the name that you were adjudged bankrupt.

Key points that must be considered:

  • Your assets vest in the Official Receiver / Trustee upon the making of the bankruptcy order;
  • Your bankruptcy will be advertised in the London Gazette and possibly in local newspapers;
  • There is an automatic discharge from bankruptcy after one year, but note that your discharge can be suspended for non-compliance;
  • The majority of your debts will be extinguished in Bankruptcy. Note that some debts survive bankruptcy, such as student loans, liabilities in respect of fraud etc.;
  • If you are made bankrupt, you may lose your job, for example if you are a solicitor or accountant.

Our advisors provide honest and practical advice to ensure that your financial problems are dealt with in an effective and un-stressful manner.

Please contact us to arrange a call back or a free no obligation meeting to discuss the implications of bankruptcy in more detail.