Bankruptcy normally lasts for 12 months. There are restrictions during this time.
During bankruptcy you cannot:
- Borrow more than £500 from a lender without telling them you are bankrupt
- Be a company director
- Buy a council house using the ‘right to buy’ scheme
- Change the name of your business if you are self-employed
- Leave the country without permission if you live in Northern Ireland
Restrictions can last longer if your bankruptcy is because of dishonest or reckless behaviour.
- The official receiver or Accountant in Bankruptcy (in Scotland) extends them
- This is done using a bankruptcy undertaking (BRU) or order (BRO)
- It lasts for two to 15 years
Visit our section on sequestration (Scottish bankruptcy) if you live in Scotland.