question category: Bankruptcy

After bankruptcy - what happens?
Submitted on: 2nd Dec 2008 by Non-Member | Total Answers: 1

After bankruptcy what will happen to my life, bank account, job, car, home, clothes, TV .....

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After bankruptcy - what happens next?

You may be freed from your legal obligations under bankruptcy after a year. So to answer your question, you are discharged one year after bankruptcy.

However as are situations where this is not true and a court can postpone the discharge and there may be strings attached to the discharge. For example if you have assets that have not been relalised / sold, then the court will still want to realise them at a later date.

You will have to wait longer to be discharged if you have been made bankrupt before. 5 years longer, and even then it is not guranteed.

Assuming all is well and you are discharged and your debts are written off. You should look to impove your credit score, get a normal bank account and live life to the full (without debt of course).

Bankruptcy should always be considered a last resport. Have you considered other debt solutions like an IVA?

Submitted on: 2nd Dec 2008 by TA Member

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