Need some advice about being discharge from bankruptcy. 6 May 2020 at 1:16AM edited 6 May 2020 at 1:17AM in Bankruptcy & living with it 4 replies 141 views

00ewisD

Since being discharged from bankruptcy on 04 July 2019, I have some questions that I would like clarified as I don’t want to break any sort of restrictions if any still apply. Please see the following:

·         What does being discharged mean for me and do the same restrictions apply that were in place for the bankruptcy period? If not, what restrictions do I need to adhere to?

 

·         If I get a second or multiple jobs now after being discharged, will I have to give up the surplus income?

 

·         Am I allowed to get a mortgage now? If so, what types of mortgages could I be eligible for and does this include a joint mortgage with someone that isn’t bankrupt?

 

·         Can I now travel abroad without notifying yourself or the Official Receiver first?

 

·         Can I do investments in shares and stocks worldwide and keep the dividend income if any?

 

·         Can I monetize websites to earn an income?

 

luvchocolate

Are you paying an I.P.A?

Fighter1986

formal restrictions of any kind are not in place unless you were also given a bankruptcy restrictions order. You'd know very well about this if you were.

Income doesn't need to be declared unless you were asked to pay into an IPA for three years.

While you aren't legally restricted from obtaining a mortgage, most lenders won't touch you until you've been discharged from your bankruptcy for three years and have a large deposit (15%+)

fatbelly

The only thing that I can see as a problem in your questions is that if you are trying to get a mortgage the lender will be aware of the bankruptcy as the entry stays on your credit file for 6 years from the bankruptcy date.
So now is the time to start to save a chunky deposit!

00ewisD

Thanks all.
Nope i'm not paying I.P.A. When I went bankruptcy I filled in the form and I didn't have enough surplus.
To my knowledge I have not received any restriction or any court order against me from the Official receiver in the first 12 months of me being bankruptcy. Then 4 July 2019 I was discharge from bankruptcy which I've recently received via email from the Insovley team.    
I'm just waiting to hear back from the appointed trustee.
With the mortgage issue i'm willing get mulitple jobs so I can save for the depostie which is needed.
Thank you very much