There are a few different types of bankruptcy out there, specifically Voluntary Bankruptcy, where you declare yourself bankrupt and there is Involuntary Bankruptcy. That type of bankruptcy is where a creditor tries to make you bankrupt.
What happens after bankruptcy?
If you have declared bankruptcy then the order will then be discharged after a period of one year. It’s important to remember that discharge within this timeline is not guaranteed and may be postponed for longer if the court should so choose. A case where it might be postponed is if you’ve declared bankruptcy at some point in the past.
In those situations you may apply for discharge after 5 years. The court does not have to agree with this but most will not last this full term – it really depends on your financial situation and a number of other court decisions.
Being discharged means that you are released from the debts that you had but any debt that was taken on from fraud or fines will still be owed. Some other debts such as maintenance payments may still be required to be paid or they may be released. This is again, at the discretion of the court and they will make the final ruling on this matter.
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