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What are the restrictions of being bankrupt?

Declaring bankruptcy is a way for you to surrender to your personal debts and start again in 3 years, however, there are some restrictions that are put in place whilst you are bankrupt.

Once you declare bankruptcy, your future ability to borrow may be impacted as creditors will be aware of your previous bankruptcy history. Your bankruptcy will be listed on your credit file for 5 years and on the National Personal Insolvency Index (NPII) for life. It is reassuring to know that not many people search the NPII.

Whilst bankrupt, you are not allowed to travel overseas unless you have consulted and received permission from your trustee.

Also whilst bankrupt, you will not be allowed to be a director of a company. Your previous bankruptcy history will not affect your ability to act as a director once discharged from bankruptcy, allowing you start your business ventures again.

Our friendly and professional insolvency specialists can help you learn more about bankruptcy and if it is the right solution for you. We offer a FREE initial consultation and expert advice. Please contact us on 1800 003 883 now to learn more about your options.

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