bankruptcy record

jj37

I was made bankrupt 10 years ago (debts about 15k)- before i met my wife (she doesn't know). We have had a joint mortgage with abbey for 4 years. When I applied over the phone - I told the advisor about the bankruptcy, she did a search & said there was no record of it & that I should just tick the 'no' box on the paperwork & would be fine. So that's what i did & it's all been fine since
We now want to sell & change mortgages another lender. Have ticked 'no' box again & am waiting results. This is haunting me & wish had never done it - don't know how to back out - abbey advisor didn't say it was a criminal offence - made it sound like everyone did it. Not sure what to do - who to go to for advice?

AndrewSmith

Hi,

I copied this directly from the insolvency helpline website for you:

How does bankruptcy affect your credit rating?
Your bankruptcy will be registered with credit reference agencies and remain on your file for a minimum of six years. After this time you may still have to declare your previous history, particularly when applying for a mortgage


How long does Bankruptcy last?
A bankrupt may be discharged (freed from obligations under the bankruptcy order) after the one year.
Discharge is not necessarily automatic and can be postponed by the Court. In addition, the discharge may not necessarily free that person from certain all liabilities and does not mean that unrealised assets will be safeguarded.
Discharge releases the bankrupt from most of the debts owed at the date of the bankruptcy order. Exceptions include debts arising from fraud, certain crimes and fines. Certain other debts such as damages or personal injury or money owed under family proceedings (such as maintenance) will be released only if the Court agrees.
If you have been declared bankrupt before, within the last 15 years, you will not be automatically discharged. You will only be able to apply to the Court for a discharge 5 years after the date of your current bankruptcy order; even then the Court may refuse or delay discharge


Hope this helps

Andy

MortgageMamma

I thought you could apply for discharge after one year?