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Sunday, 29 April 2012 05:33

Can You Declare Yourself Bankrupt Twice?

Written by  Jon
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Hi , I declared myself bankrupt in 2000 with debts of over £50K and discharged in 2003 , after being discharged it took over six years for me to obtain any credit , unfortunately recently I have run up a lot of debt again and struggling to pay with over £43K of unsecured debt.



Can you declare yourself bankrupt twice , reason I ask is because I am sure the first time I went bankrupt I was told if you did it again you could face prison , is this true , I am really worried.



Thanks

Answer:  There is no limit on the number of times you can go bankrupt, so yes, you can go bankrupt a second time.  Unless you have committed a crime, and being in debt and going bankrupt is not a crime, you will not go to prison.

 

You can go banrupt again, however you may very well receive a BRO or bankruptcy restriction order, which keeps you under the restrictions of bankruptcy longer than the usual 12 months, and at worst, could be for up to 15 years.

 

I hope this has answered your question.

For more information and assistance, please complete our eligibility form at our web site www.bankruptcy.org.uk or ring us at 0800 690 6855.

Regards,

Jon

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