Wayne
If you declare bankruptcy you need to be aware of the following:
Publicity:
Your name and address will be published in the local newspaper (and London Gazette)
Property:
Nothing will happen. You rent and so you will normally be able to stay in the same property (as long as you continue to pay your rent)
Other Goods:
You will be allowed to keep all normal reasonable household goods. Most people loose nothing unless they have a Rembrant hanging on the wall.
Car HP:
As long as the car is reasonable and you need it for work (ie not a 7 series BMW which you are paying £700 per month for) you will most likely be able to keep it and continuing paying the HP.
Monthly Payments:
If you have any disposabel income, you will have to pay this to the court for 3 years.
Bank Account:
The bank account that you currently use will be frozen by the court. You will then have to open a new account AFTER you are declared bankrupt. Normally you will only be able to get a Card Cash account with no debit card. If you need a debit card, you would then need to apply for a pre-pay card which as this is not a line of credit.
Hope this helps
James Falla
Expert in IVA, Bankruptcy and informal Debt Management solutions for over 10 years.
For more information visit
www.jamesfalla.com and visit my blog at:
http://jamesfalla.blogs.iva.co.uk
