How does bankruptcy end?
Bankruptcy comes to an end in one of two ways:
- Automatic discharge after 1 year; or
- Annulment- your bankruptcy will be treated as if it never occurred.
What happens at the end of my bankruptcy?
A bankrupt will be automatically discharged at the end of one year from the commencement of bankruptcy unless one of the following occurs:
- A creditor can object to the Official Receiver’s notice of discharge;
- The trustee in bankruptcy or the Official Receiver can apply to the court for a suspension of the one year automatic discharge period.
Once discharged from bankruptcy, the bankrupt is entitled to apply to the court for a certificate of discharge. The Secretary of State is required to delete information relating to the bankruptcy from the Insolvency Register three months after discharge.
Although, your bankruptcy will appear on credit searches for at least six years, you will be able to apply for credit or financial services, however acceptance of such credit will at be lenders’ discretion. There are also certain debts, which are not released by discharge.
If your bankruptcy is annulled, it will be treated as if it never occurred. Your assets may be restored to you and all bankruptcy entries will be removed from the register at the Land Charges Registry.
We can assist you in the steps following an annulment or discharge from bankruptcy, advising you on the issues that may arise and the continuing effects of bankruptcy in order to get you back on your feet.
Book an Initial Consultation with Expert Bankruptcy Solicitors and Barristers
We are a specialist City of London law firm made up of Solicitors & Barristers and are based in the legal heart of London in Middle Temple (one of the four prestigious barristers’ Inns of Court) adjacent to the Royal Courts of Justice. We are experts in dealing with matters surrounding bankruptcy including defending bankruptcy petitions; managing bankruptcy applications (including annulments); advising on bankruptcy petitions and offences; and liaising with the Official Receiver. Whilst we are based in London we provide national coverage across all Courts in England & Wales. We offer free initial telephone advice on bankruptcy matters.O