(At the end of your Bankruptcy, you will be discharged. This means that you are no longer a Bankrupt person and you can continue with your life free from Bankruptcy restrictions. Any debt that remains unpaid will be written off by the Court (although there are a few exceptions: fines, Student Loans taken after 1998 and debts arising from fraud and certain other crimes).
If you have been asked by the Court to make monthly payments towards your debts (an Income Payment Order) this will normally continue even after your discharge for up to 3 years from the date of your Bankruptcy).
Hi
Can you help me understand something i keep hearing over and over again. I've been bankrupt for 3months now and my case is clear as far as the official reciever is concerned but the discharge wont be given for a further 9 months.
The question i thought i'd asked very clearly before i went bankrupt was "after 12months and i'm discharged from bankrupsy if i was given a job earning one million pounds a year would my creditors be entitled to come back at me for the money i had originally owed'. This is obviously an extreme scenario but for me i just want to know if and when I can finally forget about my creditors.
If you have an IPA in place before discharge then you need to inform them of any changes in your income and expenditure for the 3 years that you are paying it.
If you do not have an IPA, then once you are discharged after your 12 months, then you are free to earn millions and you don't need to tell anyone.
Something I keep hearing again and again
Posted - 23 August 2011 : 21:48:24
