Who will find out I am Bankrupt
Despite what you may have heard the fact is that very few people will find out if you go bankrupt.
- Is Bankruptcy advertised in the newspaper?
- Details listed on the Insolvency Register
- Will your landlord or mortgage lender find out?
- Is your employer told?
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Is Bankruptcy advertised in the Newspaper?
In the majority of the UK Bankruptcy is not advertised in the local newspaper. The rules regarding this were changed in April 2009.
The reason is that advertising in the newspaper is no longer seen as a useful way of warning others you are bankrupt. The job is now more comprehensively acheived by adding a record to your credit file.
The Official Receiver does still have the option to advertise in the newspaper if they feel it is warrented. However this is extremely unlikely even if you are self employed. The associated cost is not viewed to derive any meaningful benefit.
If you live in Northern Ireland the rules are different. The fact you are bankrupt will be advertised in the Belfast Telegraph on the first Friday after the Order is issued.
Your details are listed on the Insolvency Register
While you remain bankrupt your name, last known address and occupation are recorded in the Insolvency Register. This is freely accessible via the internet.
Therefore anyone who is interested can find out about your circumstances by searching the register. Having said that it would be unusual for anyone you know to do this as most people are unaware that it exists.
Your details are taken off the Insolvency Register 3 months after your discharge date. However a permanent record remains in the London Gazette. Details including your name and the date you went bankrupt will remain in this archive after you are discharged.
If disclosing your address and occupation would put you at risk of physical harm or abuse these can withheld from the Register by applying for a PARV Order before you go bankrupt.
Will your Landlord or Mortgage Lender find out you are Bankrupt?
If you are renting your landlord will not be told that you have gone bankrupt. They would only be contacted if you have rent arrears. As such your home will not be affected as long as you keep paying your rent on time.
Where you are a home owner your Mortgage lender will be informed. This is because they are an interested party. However they will not have a problem as long as you maintain your mortgage payments.
There is no risk that your mortgage will be terminated if you go bankrupt. It is a secured debt and is not included in the process.
Is your Employer told that you have gone Bankrupt?
Your employer is not told about your bankruptcy. In almost all cases they will not find out unless you tell them. As such you will almost certainly be able to continue doing your job as normal.
They could find out if they search for you in the Insolvency Register or carry out a credit check against you. However most employers are unlikely to do either of these things.
If you have disposable income you may be required to start an IPA (Income Payment Agreement). If so you will be expect to pay this directly from your bank account. Your employer will not be involved.
You will be asked to give your employer’s name and address on your application form but this is used for the OR’s internal records only. They will not be contacted.
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