The debtor must allow all his financial affairs to be scrutinised.

Names of those made bankrupt are published in London Gazette and local press and can be viewed online at Insolvency Service website, making them accessible to anyone in world.

Cannot hold certain public offices, such as MP, councillor or magistrate, or practice certain professions, such as solicitor and accountant.

A bankrupt may not hold office as a trustee of a charity or a pension fund.

A bankrupt is not allowed to be a company director or trade under any other name than one used at time of bankruptcy.

The trustee must be informed of any changes in circumstances during bankruptcy.

Certain debts cannot be written off: fines, maintenance/child support payments, other family court orders, debts to secured creditors, debts from personal injury claims, debts incurred through fraud, debt arising from certain other orders of criminal court.

Bankruptcy does not affect rights of secured creditors. Where there are joint debts, creditors can still pursue non-bankrupt debtor.

Bankrupts found to be blameworthy, culpable or dishonest can be made subject to a Bankruptcy Restrictions Order which can impose same bankruptcy restrictions, plus some additional ones, for anywhere from 2 to 15 years.

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A cautionary note seems appropriate here. Senior Life Settlements is definitely not territory to approach without advice and assistance, counsel and due diligence of a well-versed, experienced player in this secondary market. A financial advisor with exposure and experience could advise you and assist you in become aware of any tax liabilities you may face should you sell your policy. Most times a life settlement is taxed on income above and beyond basis (what you’ve paid into your policy to date) of your policy. Each senior life settlement case is different and if seems prudent to have a consultation with a tax advisor or your financial planner prior to proceeding down path of Senior Life Settlements.

Senior Life Settlement Specialists Life Settlement Experts