Once your bankruptcy period ends, any debt that you owed your creditors will be legally fully addressed of records and so stopping your creditors from being able to collect further money from a legal point of view.
That will mean that assets which you acquire after your bankruptcy has been discharged will now belong to you. An added benefit will be that you will also be freed of the restrictions of bankruptcy, this may vary on a case to case basis provided you are not subject to a bankruptcy restrictions undertaking or a bankruptcy restrictions order.
Regaining your life after bankruptcy is different for each person. Many people feel an enormous relief as if a weight has been lifted whereas others keep worrying about the impact bankruptcy could have on their life later down the line.
For example, bank accounts after bankruptcy are available however you may need to research which banks will provide the service before applying. We normally recommend that you open a savings account first. Use of the savings account as well as appropriate use after a few months it will enable you to confidently approach the bank to ask for a current account.
Another likely challenge will be if you consider buying a house after bankruptcy, a good solution is to make a substantial deposit when getting a mortgage.
If you have plans to buy a house in the years following a filed bankruptcy then it will be important to focus on repairing your credit rating. A good way to repair your credit will be to use a credit card responsibly.
If you are still struggling with serious debts contact Debt Advice Group for confidential, specialist advice.
Once your bankruptcy period ends, any debt that you owed your creditors will be
legally fully addressed of records and so stopping your creditors from being able to
collect further money from a legal point of view.
That will mean that assets which you acquire after your bankruptcy has been discharged
will now belong to you. An added benefit will be that you will also be freed of the
restrictions of bankruptcy, this may vary on a case to case basis provided you are not
subject to a bankruptcy restrictions undertaking or a bankruptcy restrictions order.
Regaining your life after bankruptcy is different for each person. Many people feel an
enormous relief as if a weight has been lifted whereas others keep worrying about the
impact bankruptcy could have on their life later down the line.
For example, bank accounts after bankruptcy are available however you may need to
research which banks will provide the service before applying. We normally recommend
that you open a savings account first. Use of the savings account as well as
appropriate use after a few months it will enable you to confidently approach the bank
to ask for a current account.
Another likely challenge will be if you consider buying a house after bankruptcy, a
good solution is to make a substantial deposit when getting a mortgage.
If you have plans to buy a house in the years following a filed bankruptcy then it
will be important to focus on repairing your credit rating. A good way to repair your
credit will be to use a credit card responsibly.
If you are still struggling with serious debts contact Debt Advice Group for
confidential, specialist advice.
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