PART 2 OF 5.
THE CONSEQUENCES OF BANKRUPTCY ARE SERIOUS.
Bankruptcy generally lasts for a period of three years but can be extended in certain circumstances. There is a permanent record of the bankruptcy on the National Personal Insolvency Index- this is an electronic public register which can be accessed by anyone for a fee.
Creditors are notified of your bankruptcy.
A trustee is appointed to administer the bankruptcy. In order to pay creditors, your trustee will:
-sell your assets.Some essential assets can be kept for basic living and employment. ( such as tools of trade and basic furniture to a limit)
-recover any income you earned over a certain limit.
-investigate your financial affairs and may recover property that you have transferred to someone else for inadequate consideration prior to your bankruptcy or which you may receive during the period of your bankruptcy.
You can choose to appoint a registered trustee by obtaining and providing their consent when you lodge your petition to become bankrupt.
A trustee can be arranged for you.
Your creditors may choose to change the trustee at any time. The duties of a trustee are specified in legislation and trustees have to adhere to certain standsrds while administering your estate.
Before declaring yourself a bankrupt, think one more time...because once declared bankrupt, the debtor might face problems attaining a new current account. This is the most strongly felt impact of personal bankruptcy and can result in relationship tensions beyond those caused by harassing collectors as this is more permanent than an insulting telephone call that lasts a few uncomfortable minutes.
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