What Are The Consequences Of Going Bankrupt ?

• An individual declared bankrupt cannot be a director in a company without the permission of the court, and they cannot hold certain positions as an elected representative..
• Any existing or fufure inheritance that the individual recieves will be used to pay creditors.
• The court can order part of the bankrupt’s salary or pension to be deducted to pay creditors.
• The individual will find it extremely hard to recieve any credit in the future as their credit rating will be severely affected.
• Once a person becomes bankrupt, their name and address is entered into the Bankruptcy Register kept by the Examiner’s Office, which is widely used by individuals looking to sell or buy property.
• Even if the person is discharged from bankruptcy, their name will remain on the register.

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