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jack65
Junior Member
176 Posts |
 Posted - 16 April 2008 : 16:55:25
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| Reading many of the threads i understand that after a year (or so) the OR may discharge you. What is the benefit of this in real terms? Your credit file will show bankruptcy for 6 years so what can you do once discharged that you couldnt do before? |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 16 April 2008 : 20:36:40
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Hi Jack,
Upon discharge from Bankruptcy you will no longer be held under the restrictions of Bankruptcy.
Although the Bankruptcy will remain on your credit file for six years you will find you are able to obtain mortgages and certain types of finance (although at a premium)before the six years is up.
Once discharged from Bankruptcy your debts are legally written off.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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frenchie1gsd
Junior Member
180 Posts |
Posted - 17 April 2008 : 12:45:24
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| After 12 months, you are free of the restrictions that BR puts on you, such as you can be a company director, apply for credit (although you will be lucky to get any that soon after BR), etc etc |
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melanie_giles
Senior Member
1191 Posts |
Posted - 17 April 2008 : 20:29:40
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In reality, the restrictions are relatively tame, unless you are a sole-trader, wish to be a company director or have aspirations to be an MP or JP.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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How does being discharged benefit you?
