Who will know about your bankruptcy?
When you go bankrupt, it is announced in a government-issued paper called The London Gazette. It will also be registered on the insolvency register while your bankruptcy is current, which is usually for 12 months.
People will only find these listings if they actively look for them, so it’s usually only creditors, rather than family and friends, that will see that you have been bankrupt. Credit reference agencies will also update their files.
Bankruptcy can restrict you in the future, if you want to run a business or work in finance, for example. Some employers may ask if you have ever been bankrupt as part of their recruitment process, and it’s a good idea to check your contract in case bankruptcy could affect your current employment. In addition, some lenders may ask if you’ve been bankrupt before lending you money.
If you would like to avoid bankruptcy, there may be other debt solutions available to you, such as an Individual Voluntary Arrangement (IVA) or Debt Management Plan (DMP). To receive clear, impartial advice about bankruptcy, IVAs, DMPs or other debt solutions, call PayPlan FREE on 0808 278 3071 or complete our simple online form