You are usually discharged from bankruptcy after twelve months, however if your bankruptcy order mentions a certificate of summary administration it could be two years. The big question is, What happens after bankruptcy

Quick advice tips on what happens after bankruptcy

• What happens after bankruptcy is that your "financial slate" is wiped clean and there are often many new opportunities.
• What happens after bankrupty is most people feel life is a bit daunting becuase it takes time to realise you are free to debt.
• What happens after bankruptcy is people feel they are far wiser to lifes financial challenges.
• Is just so happens that after bankruptcy you can build a new life.

If the court annulls the bankruptcy order because all debts have been paid or there was a mistake in making the order you will be freed from the order immediately.

If you have not carried out your duties under the bankruptcy proceedings, the Official Receiver may apply to the court for your discharge to be postponed.

You will not get an automatic discharge from bankruptcy if you have been an undischarged bankrupt at any time during the 15 years before the current bankruptcy. If this applies to you and you wish to obtain your discharge, you must ask the court five or more years after the date of your current bankruptcy order. Even then, the court may refuse or delay your discharge.

What about any other debts I might have?

Discharge releases you from most of the debts you owed at the date of the bankruptcy order, exceptions include:

• fines
• debts arising from fraud and certain other crimes
• any claims which cannot be made in the bankruptcy itself

You will only be released from a liability to pay damages for personal injuries to any person if the court thinks fit.

When you are discharged you can borrow money or carry on business. You can act as a company director unless you are disqualified from doing so as a result of a separate order arising out of your involvement with a company.

Assets you owned before your discharge

When you are discharged there may still be assets that you owned during bankruptcy that the trustee has not yet dealt with e.g. your home, a pension, or an interest in a will or trust fund. These assets are still controlled by the trustee, who can deal with them at any time in the future. This may not be for a number of years after your discharge.

You must tell the Official Receiver about assets you obtain after the trustee has finished dealing with your case but before you are discharged as they could be claimed to pay your creditors.

With some assets - such as your home and some types of assurance policy - your spouse, a partner, a relative or friend may want to buy your interest. He or she should get in touch with the trustee straightaway to find out how much they would have to pay.

Assets you obtain after your discharge

Usually you may keep all assets you acquire after your discharge.

What happens iif you decide to avoid bankruptcy?

IVA - Individual Voluntary Arrangement

The IVA is an extremely powerful tool enabling you to clear your debt and return to a clean financial bill of health.

Bankruptcy

Bankruptcy is an option that often has to be considered when an individual cannot pay their debts as they fall due. A first time bankrupt with debts will generally receive their discharge one year after the date of the bankruptcy order

Debt Management

Are you struggling to pay credit cards, loans, store cards or catalogues? Would you like someone to help sort out your payments and talk to creditors for you? Would you like to be able to pay one affordable amount to all your creditors each month? If this sounds like you, a Debt Management Plan may be just the thing

Debt Consolidation loan

Consolidate debt and reduce your monthly outgoings by up to half with a debt consolidation loan

Trust Deeds in Scotland

A trust deed or protected trust deed is a legally binding debt repayment agreement for residents in Scotland who have debts above £8000. The trust deed or protected trust deed is only available in Scotland and lasts no longer than 3 years. After this period the remainder of the debt is written off leaving you absolutely debt free.