Bankruptcy
Legal & insolvencyA legal process for people who cannot repay their debts, which has a significant impact on your credit profile.
Overview
Bankruptcy is a formal insolvency solution in the UK. It can provide relief from unmanageable debts but comes with restrictions and long-term credit implications.
If you are considering bankruptcy, it is important to get free, independent debt advice.
Why it matters
- It can limit access to credit products for a period of time.
- It may affect certain jobs and financial arrangements.
- Rebuilding credit after bankruptcy usually requires steady, positive payment history.
FAQs
Will I be able to get credit after bankruptcy?
It may be more difficult, but some products are designed for people rebuilding their credit. You will typically need to demonstrate consistent, on-time payments.
Does bankruptcy affect my credit score?
Yes. It is considered a serious negative event and can lower your credit score.
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