What is life like after bancruptcy ?

Question

i live in the uk and will be applying for bancruptcy. it will last for about a year. i have no idea what it is going to be like. can i still pay my bills through the bank? what kind of account can i have? can i get legal aid if needed ?

Answer 1

you'll lose your bank account and cant get another until your bankruptcy is cleared, you also forfeight and chacne of getting more credit too

Answer 2

get yourself down to the Citizens Advice bureau. They will have leaflets and somebody who can help you with different things you need to know

Answer 3

Poor man, VERY ....  grumph

Answer 4

I really cant answer any of those questions as I would just be guessing but i would like to tell you this to give you hope...

Simon Cowell was bankrupt in his early 30's- now look at him!!!!!!

Answer 5

In England  and Wales, as you said its likely a first time bankruptcy will last less than one year.

As someone else said existing bank accounts will be closed.  

But you will be able to open another one - just a basic one with the consent of your trustee.

You can then use direct debits as normal.

I don't see that legal aid would be affected  - compensatory awards might be though.

Best of luck, email me if you need more.

Answer 6

Its not a good way to go, much better to try and do a deal with your creditor's, if you go into liquidation you can't have a bank account for many years and you can't get any credit, its very hard to live like that, plus you will virtually never get a mortgage again. Good luck

Answer 7

you will not be able to get any loans for at least 7 years an your credit will drop an you will have to build it back up over time. i filed 2 times an it is hard to build you credit back upbut it can be done