2006-06-30 12:23:43 · 6 answers · asked by Anonymous in Family & Relationships ➔ Other - Family & Relationships
I nearly went bankrupt-- but i did'nt purely for the devastating consequences it can have on your independance.. You automatically lose your bank account-- it becomes frozen- any money you have in there becomes nil and void, If you work your tax code becomes zero-- so that any earnings are paid directly to the official receiver( the appointed person when u file for bankruptcy)
So on the upside it means that all creditors wont hassle u because the official receiver will take a portion of what u earn and divide it between them, although u ultimately do not have a bank account so any earnings will be dealt with by that person, and even though u will be discharged( no more debt) after one year, you cannot have credit of any means or a bank account for up to 12 years.
I'm not saying it will be exactly 12 years but anywhere between 6 and 12 yrs. Also if u have a car on H.P that will be taken back and anything asset wise ie your home will be reposessed too
Hope you found this helpful
2006-06-30 12:36:06 · answer #1 · answered by Scatty 6 · 2⤊ 1⤋
Unfortunately I don't have an answer, but for anyone that doesn't understand the question.. Click the link below. That should help.
2006-06-30 12:28:23 · answer #2 · answered by McAtterie 6 · 0⤊ 0⤋
Us lot!
Buy a dictionary.
2006-06-30 12:29:40 · answer #3 · answered by Andrew W 3 · 0⤊ 0⤋
I don't understand the question.
2006-06-30 12:26:14 · answer #4 · answered by Samba Queen 5 · 0⤊ 0⤋
um...what are you talking about?
2006-06-30 12:26:31 · answer #5 · answered by blah 4 · 0⤊ 0⤋
?
2006-06-30 12:27:51 · answer #6 · answered by batinara 3 · 0⤊ 0⤋