Typically, after one year you are discharged from bankruptcy, meaning that the restrictions are lifted. At this point you can gradually improve your credit rating.
In some cases your discharge may be postponed by the Court, for instance, if your debt was the result of gambling, obtaining credit whilst knowing you had no means of repaying or if you have been bankrupt previously.
When you are discharged from bankruptcy you are released from any unsecured debts from the date of the order. Any debt you accumulate after this point you will be liable for.
Assets that went into the bankruptcy
After you are discharged your assets, such as a property, are not returned to you. The Trustee still controls them. The sale of a property can be postponed until you are discharged from bankruptcy.
In some cases a friend or family member can buy your interest in order to relinquish control from the Trustee. They’ll need to contact your Trustee to arrange this.
Assets following bankruptcy
Any assets you obtain after being discharged from bankruptcy are very rarely affected.
Can I file for bankruptcy again?
You can file for bankruptcy again if need be, but you should make it a top priority to manage your finances as best as you can to avoid this. If you file for bankruptcy again you will have an order lasting more than 12 months, with other possible stipulations applied.
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