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What Happens After Bankruptcy ?

If you have been declared bankrupt then you may be discharged from your bankruptcy order after one year. However it is important to remember that being discharged within this time is not a guarantee and can in fact be postponed by the Court if they feel this is necessary. This is often the case should you have been declared bankrupt in the past. In such circumstances you can only apply to the Court for a discharge 5 years after the date of your bankruptcy order. Again though, the Court may not agree and can withhold discharging you.

When you are discharged from your bankruptcy you should be aware of what this actually means. It will release you from the debts that you had up until the time of the bankruptcy order but remember that this does not include those debts that you have been given due to fraud or fines. Some other forms of debt such as any maintenance payments that you are required to make are released only at the Courts’ discretion.
What will happen to my Assets ?
You may find that some of the assets that were taken control of by the Official Receiver or Trustee will not have been dealt with when you are discharged. This could include assets such as your home, a policy or a will. In such cases you should be aware that these assets will remain in the control of the Trustee until they have been fully dealt with.

Can I be made Bankrupt again ?
If you do not begin to look after your finances and stay out of debt then you could be made bankrupt again at a later date. For this reason, it is important that you learn from your mistakes and obtain help and advice to prevent the situation reoccurring. In such cases you may find that more serious action is taken against you and you could end up being prosecuted for your actions. This is especially the case if you obtained credit whilst in your bankruptcy but did not inform the lender of your status.