Early discharge from BR

katyp

I was talking to my IP this morning, and they have suggested that I contact the OR to see if myself and my husband can be discharged from BR early.
The only loose end left to tie up is the sale of the BTL house, which will complete in the next four weeks.
The IP said then it's just a case of distributing the funds to the creditors and that's it.
She said this should be completed by the end of June, at which point we should contact the OR about an early discharge.
My year is up on September 14 and my husband's on Sept 4.
Has anyone else done this and what was the outcome?

TheGardener

If you are in England, the early discharge scheme ended some years ago. You will do the 12 months as normal.

Minkym00

If all your creditors are paid 100p in the pound and you have settled all the OR’s fees and IP fees then you can apply for an annulment of your bankruptcy based on the fact that you have paid in full. When the IP releases themselves as your Trustee then you can make the application to court. It’s not difficult or expensive and you don’t need a solicitor. When the court gives you a hearing date they will inform your OR who will attend the hearing, will confirm to the judge everyone has been paid, and the judge will rubber stamp your annulment. The bankruptcy will then be wiped from your record completely as if it never happened!

TheGardener

I see - huge difference between 'early discharge' and 'annulment'. I obviously took the OP to be asking about ED not annulment.

katyp

Yes, I was talking about an early discharge, not annulment.
So it's not a thing any more?
Strange that my IP suggested it.

luvchocolate

It's hard to remember but I think it was stopped about 4 years ago.

TheGardener

katyp wrote: »

Yes, I was talking about an early discharge, not annulment.
So it's not a thing any more?
Strange that my IP suggested it.

No - your IP might be 'a bit behind the curve' as they say...:D

Although to be fair, I think Minkym00 was being 'dry' in their response.

Minkym00

It may just be an error in terminology on the IP's part.


What I wrote is still valid though. You've paid your debts, so if you can make your bankruptcy disappear with not much effort on your part, why wouldn't you???

TheGardener

Minkym00 wrote: »

….What I wrote is still valid though. You've paid your debts, so if you can make your bankruptcy disappear with not much effort on your part, why wouldn't you???

As you say - an annulment would only be an option if all creditors + IS and IP fees etc paid 100% in full.

OP - if the distribution of funds is less than every penny you owe plus fees then annulment is not an option. However, as said earlier, early discharge is no longer available in England.

katyp

No, I know annulment is not an option - I am not sure why it has come up, as it was not what I was talking about at all.
Our debts far outweigh our assets, so annulment has never been on the cards. more confused now
I was talking about early discharge, which I never knew was a thing until my IP mentioned it, and it seems it isn't!
However, my friend's OH was discharged three months early last year, so I am even more confused now :-S

Minkym00

My fault. I brought up annulment as I assumed an error in terminology on IP’s part as there is definitely no option for an early discharge any more. If your IP is that out-if-date regarding the insolvency rules I would be slightly concerned if I were you.

The *only* way to get an early discharge is through annulment.