How long before discharge?

backontheup

Thanks Rog

A trustee was appointed in my case too, and they have actually recieved the money to buy out the share in the property.

I am keen to get it out the way, because I need to start another Ltd company and cannot do so while I am undischarged.

But I am sure that it will fly by. The last seven months certainly have.

littlegerts

cold_angel wrote: »

Hi Molly,

If this is your first Bankruptcy you are usually Discharged after 12 months.

However, you can be discharged earlier than this. This decisions is ultimately down to the OR so you would be best contacting them so see if you would be discharged early.

Hope this helps you.

hi i was made bankrupt auguast last year i live in scotland anyone know how long before i am discharged,think laws might be different here

fermi

littlegerts wrote: »

hi i was made bankrupt auguast last year i live in scotland anyone know how long before i am discharged,think laws might be different here

Hi littlegerts

National Debtline has this to say about discharge from bankruptcy in Scotland:

See: http://www.nationaldebtline.co.uk/scotland/factsheet.php?page=01_bankruptcy

DISCHARGE FROM BANKRUPTCY

In most cases you will be discharged three years after the date of sequestration.

To prevent this the trustee or creditors must obtain a "deferment" from the court. They may do this if they feel you have not co-operated. You can oppose this application by making a declaration that you have:

• Surrendered all required assets
• Disclosed all claims
• Produced all relevant documents.

Deferment can be for up to two years. This might occur, for example, where a trustee has been unable to sell your home but has reason to believe this will be possible soon. This time limit can be extended.

Once the discharge is granted, your liability for most of the debts included in the sequestration will expire.

The exceptions include:

• Fines or civil penalties
• Bail
• A liability incurred through fraud or breach of trust
• Student loans received or payable after the date of sequestration
• A social fund loan or social security benefit overpayment.

I didn't realise it was still 3 years in Scotland. :eek:

The National Debtline factsheet quoted has lots of other info, plus so does this debtors guide from the Accountant In Bankruptcy:

http://www.aib.gov.uk/Publications/aib1.pdf

littlegerts

thanks fermi very usefull