Bankruptcy Pros and Cons

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Bankruptcy Pros and Cons

Bankruptcy is an extremely effective debt solution for some, and not for others. It depends entirely on your circumstances and what is right for you.



  • You lose control of your assets (house, savings, expensive car (over £2500)
  • You cannot obtain credit for over £500 without the declaring that you are bankrupt
  • You cannot take any part in the promotion, formation or management of a limited company (LTD) without the permission of the court
  • You cannot trade in any business under any other name unless you inform all persons concerned of the bankruptcy

Occupations affected