The effects of bankruptcy
Whilst bankrupt, if you have surplus income after taking into account your reasonable
costs of living, the Trustee will ask for a monthly contribution from your income for a
period of three years; as such payments continue beyond the discharge period.
The assets excluded from bankruptcy comprise:
• Personal possessions of a reasonable value
• Tools of trade, for example a car that is needed for work purposes
• Equity in property of £1,000
However, the Trustee can insist that assets which have a material value, for example
expensive cars, furniture, etc are sold and replaced with cheaper alternatives.
The bankruptcy proceedings are advertised in a local newspaper and in the London
Gazette.
To find the best solution for you Contact Simply Debt Solutions or Send Your
Details to The Debt Advisor today.
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