Bankruptcy

A bankruptcy is a type of insolvency. If you are declared bankrupt, your financial affairs are managed by a trustee or by the Official Receiver – who will work out how much can be repaid. You cannot be chased for any debts included in it, allowing you some protection from the pressures of being chased for repayments. But it will affect your chances of getting credit, and will be reported for 6 years as long as you have been discharged. Your bankruptcy is recorded on the Bankruptcy and Insolvency register, which is publicly available.