When you go bankrupt your assets pass to a Trustee in Bankruptcy. Usually a year later your bankruptcy will end (called being discharged). You are then free to go on with your life, however, you may still have a trustee in place especially if they have not been able to realise and sell your assets.
There are lots of myths about bankruptcy and every amateur has an opinion about what happens. In most cases, the myths can appear scary and do nothing to reassure you. Usually, it is not as bad as it seems and bankruptcy can be a good and relatively painless option. However, if you own a home, a business or are a director of a company then your situation will be more complicated.
It is very important to take professional advice before making yourself bankrupt or being made bankrupt (if you can afford it) just to understand what the effect will be and get answers to any questions you may have.
The earlier you talk to someone like us the better as you will have more options. Call our experts on 0800 331 7417