bankruptcy age
Bankruptcy at a Young Age?
What happens when someon who’s 21 files bankruptcy? I know it’s horrible for my credit, and I already have bad credit. What else happens and any other information will be helpful. Thanks 
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Before you file for bankruptcy I would look at your different options as bankruptcy isn’t always the only way. Consider an information agreement with your creditors or an IVA.
If you do go the Bankruptcy route it will affect you in the following ways:
* You wil have to give the Official Receiver details of your finances, assets and creditors
*You will have to look after your assets and give them to the official receiver with relevant paperwork.
*Tell your trustee about new assets or income.
*Stop using credit cards and building society accounts.
*Not obtain credit over £500 without telling creditors you’re bankrupt.
*Not make payments direct to your creditors.
I would talk to a debt management professional before making any decisions.
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