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paul.g9
Starting Member
2 Posts |
 Posted - 10 April 2010 : 16:29:53
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if you declare your self bankrupt after the 12 months is your dept wiped clean
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 10 April 2010 : 18:01:31
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Hi Paul
welcome to the forum
for the majority of your debts they are wiped clean
things like court fines, student loans and Benefits pay back are not included.
If you have a home with a mortgage and second charge, the mortgage and second charge are only included if you decided to vacate your home.
I could write loads, the most important thing as far as i can see is the preplanning before actually going BR, take advantage of one of the experts to the left, they all allow the first phone call for free in order to discuss how they can help and what you need to think about.
then make a decision on the best route for you. Bankruptcy is not the only option and should be carefully considered however in some circumstances it is the correct and only realistic option
good luck with the path ahead
Regards Richard |
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debtinfo
forum expert
2826 Posts |
Posted - 10 April 2010 : 18:03:16
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yes, no and mostly is the quick answer.
That is the general idea but like everything there are exceptions.
Most debts will be wiped when you are discharged from the bankruptcy, this is mostly 12 months, some people get an earlier discharge and a few if they do not co-operate have their discharge postponed.
There are a few debts that are not cleared at all, such as CSA arrears, court fines and debts incurred through fraud |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 10 April 2010 : 19:39:18
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You may also end up losing your house if you have equity in it,a car if it is worth than £2k, and may also have to have an IPA over 3 years if you have enough disposable income.
Buckle your seat belt Dorothy, 'cos Kansas is going bye bye.
Jan
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is your dept wiped clean?
