Your Top Ten Questions About Going Bankrupt - ANSWERED

Media coverage of changes in the bankruptcy laws have painted a picture of bankruptcy as an easy way out of your financial obligations.

But is bankruptcy really the easy way out that some would have you believe? Will you be debt free after just one year? And what will happen to your house?

Bankrupt.co.uk has the answers to the ten most frequently asked questions concerning bankruptcy.

1. Is there really "a little known piece of government legislation" that will write off up to 80% of all my debts so that I won't be declared bankrupt?


2. Will I lose my house if I am declared bankrupt?


3. Will my friends and family find out that I have been made bankrupt?


4. Will my boss find out that I have been made bankrupt?


5. Could I give everything of value to my partner or friend before going bankrupt?


6. Are there costs involved in going bankrupt?


7. Who is The Official Receiver and what will he want to know?


8. Will my bankruptcy really end after a year because of changes in the law?


9. When my bankruptcy ends will I be free of all my debts?


10. Will I be able to obtain a mortgage if I have been bankrupt?