If you have a business and you go bankrupt, you have to know that you won’t be able to act as a director of a company. All your assets can be put on a list and sold to recover your debt or at least part of it. This includes your house, your car and other belongings as well. For the future you won’t be allowed to join the Armed Forces or the Police Force and you won’t be able to get a government job. If you will try to get a job in management with a company you will have to get written permission from the court. And as to what concerns future credit, you will find it difficult to get it because your bankruptcy will remain on record for a period that can reach up to six years.