What are

[brenda]

the implications of declaring yourself bankrupt, as far as your future is concerned.?

Just trying to help a friend with debts, failed business , negative equity, cc debt and so on.

[themas]

Get your friend to look on the Insolvency Service website (google it). They have a variety of booklets you can download which give a lot of useful information.

[Ethel]

For six years after your bankruptcy has been discharged it will be impossible or very difficult to get a loan, or a mortgage.

Good starting points:
http://www.direct.gov.uk/en/MoneyTaxAndBenefit s/ManagingDebt/CourtClaimsAndBankruptcy/DG_100 23215

http://www.************.com/what-happens-after -bankruptcy-Article-203.html

[saxy_jag]

In reality, it's much longer. We only had to wait two years before an automatic discharge because we self-declared, but even now, thirteen years on, we still have difficulty getting major credit. It also caused problems recently when my bloke had to apply for a joint executor's account with his brother in order to sort out his mum's will. Basically, they couldn't have the account, so his brother resorted to using an existing joint account he'd had with their mother. We wondered if it would have just been easier not to say anything on the application form, but we did the right thing and told them.

In short, we just can't get any credit to speak of - including a bank current account - so we don't even bother trying. You get used to it, and to only buying what you know you can afford. I've stopped hankering after the fancy house, the foreign holidays and the expensive car and I seriously don't miss them. Life is simpler now. No debts and (more importantly) a great deal less stress.

You learn that money isn't everything, and you learn to appreciate the simpler things in life. In my book, that's no bad thing.

[brenda]

Thank you both very much indeed.I have shown my friend your replies and he is now much more calm.He realises what he has to face with the process and afterwards probably. He is going to start the proceedings next week.

[sara3]

you can't get any credit or loan for over �500 without having to declare your bankcrupty.. which I would presume would lead to a refusal.

[brenda]

Thank you also sara3--will let him read the answer.

[MrSpooky]

Since the enterprise act in 2004 a lot of implications of bankruptcy changed. The best site I've found for good honest advice is Martin Lewis moneysaving expert.com. Go to the forums where you will find "Bankrupty & living with it".

Jus a few things - you are automaticallt discharged after 12 mths. You can open basic bacn accounts - try co-op cashminder or barclays (though they seem to be clamping donw).

[brenda]

Mr Spooky---thank you --showed my friend the site , he found it useful.