What Happens At The End Of Bankruptcy
Posted by admin on 16th September and posted in Bankruptcy
A discharge from bankruptcy means you are free from the limitations of bankruptcy and it frees you from almost all of the debts you owed at the date of your bankruptcy. Any monies outstanding under student loan agreements or child support will remain outstanding.
In specific, special circumstances, the Official Receiver can appealrequest the Court for a Bankruptcy Restrictions Order. This means that you continue to be limited by restrictions after your discharge from bankruptcy for the duration stated in the Court Order. A Bankruptcy Restrictions Order doesn’t effect the discharge of your debts.
How long am I bankrupt for?
Discharges typically happen after 12 months. But the Official Receiver can file a Court notice before a year are up to claim that he has finished his analysis of your finances. If accepted, you will be discharged when that notice is filed. When such a notice is issued, a copy will be sent to the bankrupt to confirm that they have been discharged.
If the defendant does not work with the Official Receiver or Insolvency Practitioner, then the Official Receiver or Insolvency Practitioner can request the Court to postpone discharge. For example, if the bankrupt provided erroneous or false information to the Official Receiver or the Trustee.
How do I obtain my discharge?
Normally, the defendant will be automatically discharged after 12 months, even if no instalments have been paid to the creditors. If the defendant is discharged automatically, the defendant does not receive any notification to notify their discharge unless the bankrupt specifically asks for it. Do not write to the Court earlier than 2 weeks prior to your discharge date, you will get acknowledgement of this around 4 weeks later.
The price for the discharge notice is £60 payable to the court and additional copies will cost £1 each. The bankrupt can also request the Official Receiver to advertise your discharge all the advertising charges in advance.
You will not get an automatic discharge if your discharge period has been suspended or the bankrupt are under a criminal bankruptcy order. If you want more information on this you would be advised to write to the Official Receiver.
