How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • Go back-and-forth until satisfied
    Rate the answer you receive.
Ask INC Law Your Own Question
INC Law, Solicitor-Advocate
Category: Law
Satisfied Customers: 15441
Experience:  LL.B, LPC, LL.M, Pg.Dip, Solicitor-Advocate. UK Practising Certificate issued by SRA., DIFC Courts Registered (Dubai)
Type Your Law Question Here...
INC Law is online now

If I declare bankruptcy, does this have a much more severe

This answer was rated:

If I declare bankruptcy, does this have a much more severe consequences on my credit rating rather than my house being repossessed?


Thank you for your query. I am a Solicitor-Advocate in the UK and will be assisting you today.

Bankruptcy is lot more severe than just having your house repossessed.

If you are made bankrupt, you would generally have a limited bank account with no overdraft facilities or even a credit card. Although you discharged after 12 months, it will still appear on your record for 6 years.

As a bankrupt, it may also affect your employment or any position of a company director.

I hope this answers your questions. If you have any further questions, please do not hesitate to ask.

Many thanks

INC Law and 2 other Law Specialists are ready to help you


I'm glad I was able to help you today! Please do come back to me if you have any further questions.