How does Bankruptcy affect your credit rating?

A record that you are bankrupt will be listed on your credit file. This will have a negative effect on your credit rating and make it difficult for you to borrow money.

The record of your bankruptcy will remain on your credit file for 6 years. Your credit rating will not start to significantly improve until this time has passed and the record of your bankruptcy has been taken off your file.

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In addition to the record in your credit file, a record of your bankruptcy will be included in the London, Edinburgh or Belfast Gazette (depending on where you live). This record will always remain in the Gazette archives which are publically accessible via the internet.

You should also remember that after you have been declared bankrupt you will stop making your normal monthly payments to your creditors. This means that your accounts will go into arrears or further into arrears. As a result of this your creditors are likely to issue you with default notices which will also be recorded on your credit file for 6 years.

Additional information

More information about the Bankruptcy solution is available in the left hand column. However only a brief overview is given here. For more details and advice please see one of our dedicated information websites:

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