bankrupt - early discharge

cd02

hi all, not sure if anyone remembers me but i was made bankrupt earlier this year (thanks to all that offered help/support :T ). Anyways I recieved a letter from the insolvency group late last week saying theyre going to review me to see if early discharge is an option but also to see if my payments should be increased.

Does anyone have any experience of this ? time frames ? outcomes etc ?

any advice/info appreciated :O)

Addicted2Chocolate

you have to return the income and outgoings questionaairre within 14 days. the Insolvency Service will review this and commence the next stage to see if an Income Payments Agreement should be commenced or reviewed, and also will send letter to creditors notifying them of intention to file for early discharge. The creditors have 28 days to raise any objections. objections must be about misconduct that the OR was not aware of, they cannot object on any other basis. If no valid objections within the 28 days of letter being sent the OR will file notice at court with your early discharge date, and you will receive a letter.
So timescales generally about 2 months from when you return the income/outgoings qu, but may belonger due to number of cases they are trying to deal with.

cd02

as always A2C, you have all the answers.. thanks. Guess I'll just have to wait then lool

streetgirl74

Hi, does everyone who is bankrupt get the option of being discharged early does anyone know?

Addicted2Chocolate

becasue the early discharge provisions were brought in under the Enterprise Act 2002 reforms of the Insolvency Act 1986. Basically every case where the Official receiver is satisfied that the bankrupt has explained the cause of his/her insolvency and there is no misconduct warranting further investigation should go for early discharge. Buit in reality it is governed by the resources (staff and time) available and the insolvencys ervice is dealing with a massive increase in debtors petitions.
From insolvency service website:

If the official receiver has concluded his/her enquiries into your affairs he/she may file a notice of early discharge in court. You will be discharged on the date this notice is filed in court. A copy of the notice will be sent to you so that you will know when you are discharged.

Early Discharge

There is no automatic right to receive early discharge from bankruptcy.

The official receiver will review your file three months after the report to your creditors has been issued. This report is issued within eight weeks of the bankruptcy order. If the official receiver considers that there are no, further, matters in your bankruptcy which require investigation he/she will begin the early discharge process.

If you do not co-operate with the official receiver and answer letters as quickly and fully as possible you are unlikely to obtain an early discharge.

If the official receiver decides that early discharge is appropriate he/she will write to all your creditors and your trustee (if an insolvency practitioner has been appointed) telling them he/she intends to file notice of early discharge. Your creditors have 28 days in which to lodge any objection to your early discharge. If any objections are received the process will be suspended while the official receiver considers if any objections received are valid. An objection which causes the official receiver to carry out further investigation of your affairs will stop the early discharge process.

Only if no objections are received, or once any objections have been resolved, will the official receiver send notice of early discharge to the court. You will be sent a copy of the notice stamped by the court notifying you of your date of discharge.

The process of early discharge is unlikely to be completed less than six months from the date of the bankruptcy order.

streetgirl74 wrote:

Hi, does everyone who is bankrupt get the option of being discharged early does anyone know?