Discharged From Insolvency - Meaning?

[Kes]

Just wondered if someone could advise me what it actually means when you have a discharge date listed with regards to insolvency. Many thanks.[8D]

[MelanieGiles]

This is the date that you will be formally discharged from bankruptcy by - ie not subject to any bankruptcy restrictions any longer. This is usually one year after the date of the bankruptcy order, but can be earlier or later depending upon specific circumstances.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Beechy]

The current average for discharge is 8 months as long as there were not any restriction.

Upon discharge you can obtain a dischrge cretificte from the OR, there is a charge for this of £60

Dave Beech

[pbeck]

The other important thing about discharge is it means that you are finally released from your debts, except to the extent that there remain assets of your bankruptcy, for instance your interest in a home, that remain unrealised.

THis means that anything you acquire after discharge cannot be claimed by the Official Receiver or Trustee in Bankruptcy. Because any propertry acquired after this date cannot be claimed, you may find it easier again to apply for bank accounts/cheque books etc.

Philip Beck - www.freeivaadvice.co.uk

Licensed Insolvency Practitioner and IVA specialist

[mish1953]

5 months 11 days

whooo hoooo I got an early discharge !!!

Mish

[Emily]

I can see the attractions of been BR over an IVA.Although one still have tainted credit file for 6 years from the date of the BR order as in an IVA.

In some ways the restrictions continue....as getting credit would be difficult.