When you are made bankrupt, your assets
(possessions, home, income etc) can be used to pay your debts. You have
to agree to certain restrictions and your financial affairs will be
investigated. Find out how bankruptcy affects you and where to get
advice on dealing with your debts.
Bankruptcy – what does it mean?
Bankruptcy is one way of dealing with debts you can’t pay. Your
assets can be used to pay your creditors (people you owe money to). You
are subject to certain restrictions and discharged (freed) from your
debts after a period of time.
Getting help and advice
There may be other ways to deal with your debts. Get free and
independent debt advice to make sure you understand how bankruptcy can
affect your home, business and credit rating and if there are other ways
you can deal with your debt problem.