what are the implications of a 2nd bankruptcy?

Question

i was discharged 2 years ago

discharched 2 years ago bankruptcy due to long illness. this time buisiness partner ran off with all the money!!

Answer 1

No one in their right mind will ever allow you to borrow money again.

You will also find it very difficult to get a job - few Companies what to employ some-one who has proved they are totally incapable of resisting temptation where money is concerned

Answer 2

If you live in England or Wales the normal term for a first bankruptcy is 1 year. If you are bankrupt again you are looking at a 5 year bankruptcy without an automatic discharge - you will have to apply for it. You will also be banned from forming or managing a ltd company.

Get some advice from an insolvency practitioner, you should probably do everything to avoid a second bky after just 2 years. Email me if you need more

Answer 3

I would say that if you decide to go bankrupt again within such a short space of time from your discharge you will almost definately have to serve a longer period of at least 5yrs before your discharge & only then on application to the courts,your credit rating will be zero for at least the next 10yrs think carefully before you enter into this course of action again & dont be so trusting with people who have some control over your finance's.good luck

Answer 4

At the risk of getting insulting email, I would suggest, in the politest terms, that you are a fool with money and cannot be trusted with a Tesco Clubcard.

Answer 5

Lending institutions will laugh in your face...literally.

Answer 6

I would say that it would be almost impossible to ever get credit again.