Question:

We are considering becoming bankrupct as my husband lost his job at the beginning of the year and has now had to take a paycut of over 60%. We cannot afford any payments towards our debts and have even resorted to payday loans, credit cards etc to keep money coming in. We are now sinking big time.

I have heard that you can never become a Director, Accountant or Solicitor if you have been bankrupct, is that correct? Is it also true that you have to pay debts for the next year? I don't know how we would do that. Thank you

Answer:

You can not be a Director only while in bankruptcy, once the bankruptcy has been discharged you can then become a Director.

Are you planning on becoming an Accountant or Solicitor? If so bankruptcy can have an impact on this, I cannot say for certain that it would hinder you forever, but you can also inquire with the governing bodies for these professions.

You only pay into a bankruptcy if you have a surplus of income after your allowed living expenses. Then you may be required to pay a percentage of this surplus for three years; your bankruptcy can be discharged after 12 months, but you continue paying for an additional two years.

Need help going bankrupt and competing the forms, we do offer a Bankruptcy Assistance Service.

Thank you for letting me help you.

Jon

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