As the title says I am thinking about going bankcrupt as I owe £30k but only earn £8.5k. I'm worried though that my name will appear in the paper or something. This is not something I want to broadcast. Is there any way round this if this does happen??
Thanks
Hi Andrea73.
There would usually be no attempt to actively publicise a bankruptcy. The exception would be where someone had behaved very poorly prior to their bankruptcy, for example borrowing significant sums of money they knew they couldn't repay for frivolous or extravagant or dishonest purposes.
You should be aware that there are public registers of bankruptcies, trust deeds and debt arrangement schemes. In practical terms someone is only really likely to find such a record if they went looking for it.
The Accountant in Bankruptcy website is searchable by anyone and all bankruptcy information, including how much you owed when you declared bankruptcy, is a matter of public record. However, in reality, few people know this and it would seem unlikely any of your friends or family or colleagues would know of this. Also, unless you tell people or make it obvious that there is something really wrong then there would be no reason to think you were bankrupt. Just carry on as normal, you won't get extravagant holidays or flashy nights out but this is a time when everyone are tightening their belts so just tell people you've been inspired by Martin Lewis The Moneysaving Expert and have decided to tighten your's.
Hi Andrea 73.
The Accountant in Bankruptcy holds the Register of Insolvencies which includes a list of those who have declared themselves Bankrupt/been declared Bankrupt.
Trust Deeds are still advertised in the Edinburgh Gazette in addition to be listed in the Register of Insolvencies when they become "protected"
Chris
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