Checklist of Goods Things in a Bankruptcy

Some good thigs that will apply to most countries include:

• DebtS Wiped - Your debts will be wiped out by the bankruptcy once you are discharged at the end of your period of bankruptcy.
  
  
• Harassment - People you owe money to will stop harassing you once you file for bankruptcy.
  
  
• Deductions - Any deductions made from your wages to pay your creditors and other outstanding debts will stop immediately.
  
  
• Bank Account - You will still be able to hold a bank account and carry on earning income as usual.
  
  
• Keep Items - You will be allowed to keep certain items such as furniture and clothing, and also your tools of trade to a certain value
  
  
• Car etc - You will generally be able to keep a car if it is your main means of transport, up to a certain value.
  
  
• Personal Things - You will be able to keep your personal jewellery, such as your wedding and engagement rings etc.
  
  
• Stress - The bankruptcy will possibly reduce your stress immediately.
  
  
• Business - You will generally be allowed to carry on a small business, as long as you trade under your own name and the bankruptcy official knows what you are doing.
  
  
• Be Known - Most of the jobs you apply will not need to know that you are a bankrupt, so you will have freedom to earn as usual.
  
  
• Save - You should still be able to save money and carry on normal living, even if your lifestyle has to be reduced.
  
  
• Start Again - You will be given a chance to start life again, and hopefully this time with more success.

Return to ’Checklist’ menu