Bankruptcy Question Scotland

lisa-r_4

Hi guys,

Can anyone clarify how long after i'm discharged the OR will be able to seize any assets/inheritances etc? I was under the impression (i'm in Scotland) that anything I gained after a year of going bankrupt would be mine, and have received 2 conflicting opinions on this from CAB. One thought I was correct, and the other said even though i'd be discharged after 1 year that they could still take my possesions 2 years after that?

I was settling on bankruptcy when I thought it was only a 1 year restriction in Scotland since April of this year, but 3 years seems awfully long to have be worrying about inheriting the house I currently rent from my parents in the event of their death etc!

coolcait

Hiya Lisa

Here's the link to the Accountant in Bankruptcy's debtor's guide.

http://www.aib.gov.uk/Resource/Doc/4/0000541.pdf

As I understand it, you get dishcarged after one year, but you might still have to pay contributions etc until your trustee gets discharged. And any assets that were transferred to your trustee before you are discharged can still be sold.

BUT...

Section 6.2 says that once you are discharged you can acquire new assets and your trustee will have no claim on those assets.

I hope this helps.