What will happen to my job?
Only a few jobs are affected by going bankrupt. There are five jobs that you definitely can't do if you're an undischarged bankrupt:
- Charity trustee
- Company director
- Debt relief order intermediary
- Insolvency practitioner
- Justice of the peace
Bankruptcy might affect you job or your chances of promotion if you work in accountancy, the armed forces, the police, or if you're a pub licence holder or an estate agent.
Before you go bankrupt you should check your employment contract. If you're a member of any professional or trade body you should also check their rules or codes of conduct. These will tell you if your job will be at risk if you declare yourself bankrupt.
Will I have to pay anything once my bankruptcy has been accepted?
If you have money left over once you've paid all of your household bills the official receiver will usually ask you to make monthly payments into your bankruptcy. This is called an income payment arrangement or IPA.
These payments will last for three years. They payment will cover the official receiver's costs and some will go to the debts that were included in your bankruptcy.
In 2014 there were 3,804 IPAs set, around 20% of all the bankruptcy orders made.
Who will find out I've gone bankrupt?
All bankruptcies in the UK are published in The Gazette. This is an official ‘newspaper of record’ that lists official notices from the Government, church and royal family.
This information can be viewed for free online at the Gazette website, and the details will appear in Google search results for your name. The gazette entry lists:
- your name
- date of the bankruptcy order
- the official receiver’s details
You can’t stop your details appearing in the Gazette and it’ll remain in their records permanently. It’s unlikely that anyone you know would find this information by accident, and creditors don’t refer to this information when making decisions about lending to you in the future.
If bankruptcy is the right debt solution for you, don’t let the listing in The Gazette put you off.
All bankruptcies in the UK are also advertised in the paper version of The Gazette. Three versions of this are printed weekly, in London, Edinburgh and Belfast.
The paper shows the same information available online and looks like this:
If publishing your address places you at risk of violence, for example from an abusive partner, you can apply to the court to withhold your address from the Gazette entry.
It’s unlikely that the Insolvency Service will publish details of your bankruptcy in your local paper. They will usually only do this if you’re…
- not cooperating with the official receiver
- hiding assets or debts
What will happen to my bank account?
It's really important that you get advice about what to do with your bank account when you go bankrupt. If you’re banking with any of the high street banks, your account is likely to be closed, but there are some alternatives. Please read our guide for more information.
What happens if I owe money to friends or family?
Loans from friends or family members are usually treated just like any other debts in bankruptcy.
However, if you've recently repaid some money to someone you know, or were thinking about doing this in the future, then bankruptcy might affect them. Please read our guide for more information.
What happens to my pension?
Savings in a pension fund are not classed as an asset in bankruptcy. In most cases this means the official reciever can't take these savings away from you, but there are exceptions to this. Please read our guide for more information.