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Dumb question
wolfers
Posts: 246 Forumite
So, on the day I go bankrupt, are all my debts written off? I know I might have to have an IPA, but does that mean the debts are still live until I'm discharged? Or until the IPA ends? Or what? When am I technically "debt free"?
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Comments
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the minute you declare bankruptcy you are free of your debts:beer:good luck0
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In effect but not technically.
The day you go bankrupt, the debts are frozen, you still remain liable for them but creditors are in the main prevented from taking any action against you, that is the protection of the bankruptcy itself. only when you are discharged is your liability (not the actual debt) erased. (you may have a seperate liabilty to the OR to complete an IPA or to hand over assets that continues until all the bankruptcy assets are sorted)Hi, im Debtinfo, i am an ex insolvency examiner and over the years have personally dealt with thousands of bankruptcy cases.
Please note that any views i put forth are not those of my former employer The Insolvency Service and do not constitute professional advice, you should always seek professional advice before entering insolvency proceedings.0
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