During your bankruptcy order you will be both financially and personally restricted. Once you have been made bankrupt, all of your assets and finances are controlled by the Trustee or Official Receiver.
As your assets will be under their control, there will be assets which will have to be put up for sale. You will be allowed to keep some assets, such as tools, books and other items of business equipment. You will also be able to keep basic household items such as furniture and clothing.
If the Trustee decides that you have to sell your home, then you, your partner or children will be given 12 months to find alternative accommodation. At the end of this period your home will be put up for sale. If you need your vehicle for work purposes then you may be allowed to keep it, but may have to replace it with one of lower value.
For further information about the restrictions which will be placed during bankruptcy, please see our Restrictions During Bankruptcy page or contact our dedicated bankruptcy service on 0800 048 1752 to see if bankruptcy is right for your personal situation.
A Bankruptcy Order will usually last for 12 months and only after this period will the bankruptcy restrictions end. However if your Trustee asks the court for a Bankruptcy Restrictions Order (BRO), then these bankruptcy restrictions could last between two to fifteen years.
Although once you have been discharged from bankruptcy the above constraints will end, there are after effects of bankruptcy which you must consider.