Life after bankruptcy

After bankruptcy life should become easier. One of the main benefits of bankruptcy is that after the bankruptcy order has been made you are protected from your creditors. They will have to deal with the Official Receiver. This will hopefully provide the beginning of a fresh start.

One of the main problems that you will find with life after bankruptcy is that your credit rating will be affected. Bankruptcy remains on your credit report for a period of six years which means you will find it difficult to obtain credit during this period. Although you will find it difficult, you will not find it impossible.

The big sting will come when you apply for a mortgage. You are nearly always asked if you have ever been made bankrupt. Clearly answering no when a bankruptcy order has previously been made against you could leave you open to legal proceedings.

Remaining in business after bankruptcy will not be impossible but you will have to give consideration to the bankruptcy restrictions.