The Effect of Going Bankrupt

Bankruptcy has serious long lasting consequences

If you go bankrupt your details will automatically be recorded on a government file for 7 – 10 years.

Generally you will be bankrupt for 3 years. During this period you may need to make contributions from your income, depending on how much your income is.

All assets in your name may be potentially surrendered for the benefit of your creditors. You may be allowed to keep your car, up to a certain value. Other items you may be able to keep are household, personal and tools for trade.

You can still work and even be self-employed whilst you are bankrupt. However, you can not be a director of a company.

If for some reason you need to travel overseas then you will need to inform you Trustee before doing so.

Why wait? Life is too short to let debt take over...