Finance for un/discharged bankrupt.

To the best of my knowledge it is illegal to lend to someone who is bankrupt. Whilst bankrupt you will be allowed to earn up to something like 65k p/a and have a car to the value of x. You can not enter in to a credit contract – nor can a lender offer one to you.

It is believed that banks will not lend to someone who was once bankrupt. This is not true. Policy of the major banks is that they can not lend whilst you are bankrupt. After being discharged you can apply.

Once discharged it is more a matter of your credit rating – e.g. If your credit report still shows defaults and judgments you will have problems however when it is clean you can go to a major bank. You will still have to declare that you were once bankrupt however if you now have a clean credit report, stable employment etc you should; be OK with a bank.

If you are working in the finance industry you will have problems – it may be impossible or very difficult to gain membership to professional bodies if you have been bankrupt in the past 10 years – This used to be the case in mortgage broking and financial planning and probably with accounting too.

If you want to borrow and cannot all you need to do is to have someone to help you out and buy in there name. Maybe some sort of trust arrangement.

You should look up the websites of the bodies you want to join and then download app forms and see if they ask the question. I think bankruptcy may hinder any job which involves money. You could be a lawyer though!

With trusts the ownership of an asset is legally with the trustee. So long as you were not the trustee you would be right. But you would need someone else willing to take that position (or director of the trustee company) and the risk, as they would also need to guarantee the loans of the trust.