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What happens after bankruptcy? |
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Typically, after one year you are discharged from bankruptcy, meaning that the restrictions are lifted. At this point you can gradually improve your credit rating.
In some cases your discharge may be postponed by the Court, for instance, if your debt was the result of gambling, obtaining credit whilst knowing you had no means of repaying or if you have been bankrupt previously.
When you are discharged from bankruptcy you are released from any unsecured debts from the date of the order. Any debt you accumulate after this point you will be liable for.
Assets that are affect by bankruptcy
After you are discharged your assets, such as a property with equity, are not returned to you. The Trustee still controls them. The sale of a property can be postponed until you are discharged from bankruptcy.
In some cases a friend or family member can buy your interest in order to relinquish control from the Trustee. They’ll need to contact your Trustee to arrange this.
Assets following bankruptcy
Any assets you obtain after being discharged from bankruptcy are very rarely affected.
Can I file for bankruptcy again?
You can file for bankruptcy again if need be, but you should make it a top priority to manage your finances as best as you can to avoid this. If you file for bankruptcy again you will have an order lasting more than 12 months, with other possible stipulations applied.
Complete our short enquiry form to see how we can assist you and we will call you back. Alternatively you can contact us.
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Is Bankruptcy Right For You? |
It could be that bankruptcy is the most suitable debt solution for you.
You may hear that bankruptcy should be considered a last resort, and that you should try an IVA (Individual Voluntary Arrangement), IPP (Informal Payment Plan) or DMP (Debt Management Plan) first, but this isn't always suitable. What's right for you depends entirely on your circumstances as these are all solutions to the same problem, but tackled differently.
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Bankruptcy Assistance Service |
You may find that you would benefit from professional help in completing your Statement of Affairs and Bankruptcy Petition.
From the time that you decide to apply for a bankruptcy order, to the day that you are declared bankrupt, you may seek assistance in order to keep your creditors and bailiffs at bay. In addition, performing your own research into bankruptcy often results in receiving conflicting information, depending on the source(s).
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How to File for Bankruptcy |
After you've sought financial advice, you can either file the required paperwork yourself, or use the help of a Solicitor, Insolvency Practitioner or Bankruptcy assistance service to take care of everything.
Professional guidance can ensure that all Court paperwork is completed, creditors are kept at bay, legal action is averted...
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You are immediately free from debt and will not be responsible for any of your pre-existing debts.
It is a fresh start for you and your family to start again and build yourself up from a position of strength. You are immediately protected from all your creditors who form part of your bankruptcy.
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