Your bankruptcy is completely removed from the Insolvency Register 15 months after you entered into bankruptcy or 3 months after discharge. The Insolvency Register (Google it) is a public record of all those persons currently involved in Debt Relief Orders, Individual Voluntary Arrangements and Bankruptcies i.e. court sanctioned arrangements.
You are automatically discharged after 12 months and in some cases people are even discharged before the end of the 12 month period.
These include persons whose circumstances are unlikely to change viz. pensioners, people on DLA, etc. It is important that you obtain a certificate of discharge when you have completed the 12 month period and submit copies to the three main credit reference agencies, as there can be delays before information is updated. There is a charge for the discharge certificate, but it’s worth paying.
Bankruptcy UK specialises in taking people through the bankruptcy process in a straightforward manner. We will guide you through the process then submit the bankruptcy application online. Court appearances are no longer required for bankruptcy. Call us for a chat about your circumstances on 01425 600129.
The Insolvency Service has reported that the number of insolvencies has decreased by 4.6% compared with the same time last year, yet there were still a whopping 24,840 insolvencies throughout the UK.
The number of bankruptcies had eased somewhat due mainly to the introduction of Debt Relief Orders, which is a type of ‘mini bankruptcy’ for those on very low income with less than £15,000 of debt. However, bankruptcies may well increase again as continued disillusionment with IVAs results in people abandoning these in favour of bankruptcy.
Another factor which might lead to an increase in the number of court sanctioned insolvencies is a growing awareness of the futility of Debt Management Programmes. Most people realise that the capital is never paid off and that promises of interest rate freezes are only temporary.
To be fair, Debt Management Programmes do keep creditors at arm’s length, but they don’t solve the problem which is getting rid of the debt.
Bankruptcy UK offers a full bankruptcy administration service and will submit your bankruptcy application online. Court appearances are no longer required for bankruptcy. Call us for bankruptcy help on 01425 600129 or for an informal chat about your circumstances.