Insolvency question:
I am in the process of being made bankrupt but can I still be self-employed?
Responses:
Good Lawyer Guide's response
Once you are made bankrupt, you will still allowed to earn a living and this includes being allowed to run your own business and being self employed. However, you must not obtain credit of £500 or more without disclosing that you are an undischarged bankrupt which could make your business difficult to run. And you must not use another name unless you tell your customers and suppliers the name under which you were made bankrupt.
Do remember that if your earnings are more than what is required to meet your reasonable domestic needs the Official Receiver can apply for an Income Payments Order. This is a binding agreement between you and your trustee in bankruptcy that you will make contributions towards your debts and costs for up to three years.
Good Lawyer Guide's response
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