Bankruptcy Advice For Birmingham, Coventry and Stoke. (Part Two)
This is the second in the short series on Bankruptcy.
Will I lose my job?
If you go Bankrupt then you will be automatically excluded from some professions…
Member of the Law Society, Estate Agent, Insolvency Practitioner, Stock Broker or
Pub Licensee. We have helped all these professions deal with their debt issues via alternative solutions.
Please call us on 0808 160 5577 for an alternative solution.
For some other professions, dismissal would be at your employer’s discretion.
Check your employment contract or consult your HR department or union.
I am frightened that the petition is advertised?
Bankruptcies have always been reported in the legal notices of your local paper and in the London Gazette. This was not an attempt to ‘name and shame’ but rather gives any creditors who are not named on the petition the opportunity to come forward. Now it is possible for you to ask the Official Receiver not to advertise and of there is no real reason to do so, he will not.
The Official Receiver will contact all of the creditors named on the petition.
The Official Receiver may also contact your utility providers. This is because your utility services may be provided on credit.
The Official Receiver will also contact your landlord or mortgage provider. As long as you pay the rent or mortgage, there should be no change in your circumstances.
If you want help with your bankruptcy call us on 0808 160 5577.
I understand there are restrictions, what are they?
You will not be allowed to obtain credit of more than 500 without telling the lender about your Bankruptcy.
If you run a business then you must not trade under a different name without disclosing the name under which you went Bankrupt.
You cannot act as director of a limited company or be involved in forming, promoting or managing a limited company unless you obtain permission from the court.
You may not hold various public offices and cannot act as the trustee of a charity or pension fund.
For the vast majority of people the restrictions will cause little problems, if you need a personal view call us on 0808 160 5577.
How long will the restrictions last?
The restrictions will normally apply until you are discharged from Bankruptcy. You will usually be discharged within 12 months. Most of our clients are now discharged in 6 months.
