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    sually time for an individual to be in bankruptcy was 3 years.

    All that said, bankruptcy is a very serious step to take. It is a very public affair and the event can follow you for many years. Even after the bankruptcy has gone from your credit history financial institutions in particular often ask if you have ever declared yourself

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    When you go bankrupt you end up in jail, lose your house and your car and you are thrown onto the streets to fend for yourself for at least 5 years and also if you own a company then forget it mate will lose the lot!

    What did you feel when you read that statement?

    'Yeah I thought it was something like that' is the most common thought or reply I come across. I state categorically that all the above may be, and usually is, wrong depending on your circumstances.

    Surprised?

    Let me tell you some more about UK bankruptcy. The British government went to find out why small enterprise was booming over the pond but not so much in the UK. When the report came back looking in depth on many areas the British government concluded, amongst other factors, that the USA is so enterprising because they had made it easier for individuals to go bankrupt and start again having learnt from their mistakes.

    This was the precursor to the changes in the Enterprise Act which impacted the way personal bankruptcy is handled amongst many other areas of finance in the UK today.

    At the time of writing, bankruptcy in the UK usually lasts for no more than 12 months. In fact many people are discharged in less than 12 months depending on the circumstances around their bankruptcy. That's one year or less in most cases! Previously the usually time for an individual to be in bankruptcy was 3 years.

    All that said, bankruptcy is a very serious step to take. It is a very public affair and the event can follow you for many years. Even after the bankruptcy has gone from your credit history financial institutions in particular often ask if you have ever declared yourself

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    common thought or reply I come across. I state categorically that all the above may be, and usually is, wrong depending on your circumstances.

    Surprised?

    Let me tell you some more about UK bankruptcy. The British government went to find out why small enterprise was booming over the pond but not so much in the UK. When the report came back looking in depth on many areas the British government concluded, amongst other factors, that the USA is so enterprising because they had made it easier for individuals to go bankrupt and start again having learnt from their mistakes.

    This was the precursor to the changes in the Enterprise Act which impacted the way personal bankruptcy is handled amongst many other areas of finance in the UK today.

    At the time of writing, bankruptcy in the UK usually lasts for no more than 12 months. In fact many people are discharged in less than 12 months depending on the circumstances around their bankruptcy. That's one year or less in most cases! Previously the usually time for an individual to be in bankruptcy was 3 years.

    All that said, bankruptcy is a very serious step to take. It is a very public affair and the event can follow you for many years. Even after the bankruptcy has gone from your credit history financial institutions in particular often ask if you have ever declared yourself

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    t came back looking in depth on many areas the British government concluded, amongst other factors, that the USA is so enterprising because they had made it easier for individuals to go bankrupt and start again having learnt from their mistakes.

    This was the precursor to the changes in the Enterprise Act which impacted the way personal bankruptcy is handled amongst many other areas of finance in the UK today.

    At the time of writing, bankruptcy in the UK usually lasts for no more than 12 months. In fact many people are discharged in less than 12 months depending on the circumstances around their bankruptcy. That's one year or less in most cases! Previously the usually time for an individual to be in bankruptcy was 3 years.

    All that said, bankruptcy is a very serious step to take. It is a very public affair and the event can follow you for many years. Even after the bankruptcy has gone from your credit history financial institutions in particular often ask if you have ever declared yourself

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    nal bankruptcy is handled amongst many other areas of finance in the UK today.

    At the time of writing, bankruptcy in the UK usually lasts for no more than 12 months. In fact many people are discharged in less than 12 months depending on the circumstances around their bankruptcy. That's one year or less in most cases! Previously the usually time for an individual to be in bankruptcy was 3 years.

    All that said, bankruptcy is a very serious step to take. It is a very public affair and the event can follow you for many years. Even after the bankruptcy has gone from your credit history financial institutions in particular often ask if you have ever declared yourself

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    sually time for an individual to be in bankruptcy was 3 years.

    All that said, bankruptcy is a very serious step to take. It is a very public affair and the event can follow you for many years. Even after the bankruptcy has gone from your credit history financial institutions in particular often ask if you have ever declared yourself bankrupt. Your membership in some societies and associations may also be lost.

    What can't you do during bankruptcy

    Well you didn't think it was all a breeze did you? There are a number of things you need to be aware of:

    1) You can't ask for more than ?500 of credit without first informing the lender that you are bankrupt. That's usually the point at which they start sprinting away from you in their rush to not get their fingers burnt. Remember a lender doesn't just mean a bank, it can mean friends and family. Even if you agree to buy a car off a friend and they say here take it now and pay me the money next week then you are in a credit agreement probably worth more then ?500 and so you have to legally tell them about your bankruptcy.

    2) You cannot be a director of a limited company whilst your are bankrupt. If you area one-man band or a sole trader, this doesn't mean you cannot trade as a sole trader. Yes, you get to keep your business assuming you haven't traded fraudulently but you do lose your limited company status in this instance.

    3) You will lose certain positions of authority. Think councillor or accountant or high-ranking police officer. There are many more roles that are affected. Do check with a professional that your job is not affected if you do decide to go bankrupt. Some companies actuall

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