{"id":14660,"date":"2023-06-06T09:52:18","date_gmt":"2023-06-06T09:52:18","guid":{"rendered":"https:\/\/bankruptcyservices.co.uk\/?page_id=14660"},"modified":"2024-01-09T05:43:48","modified_gmt":"2024-01-09T05:43:48","slug":"effects-of-bankruptcy","status":"publish","type":"page","link":"https:\/\/bankruptcyservices.co.uk\/index.php\/effects-of-bankruptcy\/","title":{"rendered":"Effects of Bankruptcy"},"content":{"rendered":"
\n
\n
\n
\n
\n
\n
<\/div><\/div>\n
\n
\n\t

What effects does bankruptcy have on me?<\/h2>\n<\/div>
\n

You will be instantly free from all debt and will no longer be responsible for all of your previous debts. It is a completely fresh begining for your whole family to and nothing can stop from being able to build a home, career and a life that you can be proud of. Remember bankruptcy isn’t the end its a new begining. You are immediately protected from all existing\u00a0creditors who form part of your bankruptcy.<\/p>\n

You should understand that it is extremely unlikely that you will be able to borrow money from a high street lender. It is not unusual for a self-employed person to obtain start up or project funding from a private source which is acceptable for an un-discharged bankrupt (providing the lender is aware of your circumstances).<\/p>\n

Once you are discharged from bankruptcy (usually after 12 months, but sometimes sooner) you will be able to rebuild your credit file.<\/p>\n<\/div>\n

<\/div>\n<\/div><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
\n
\n
\n
\n
\n
\n
\n\t

Bankruptcy restrictions<\/h2>\n<\/div>