As a discharged bankrupt you are free from your bankruptcy debts and free from the restrictions of bankruptcy. If a bankruptcy restriction order or bankruptcy restriction undertaking is in place then the restrictions of bankruptcy will continue even after discharge.
As a discharged bankrupt you will certainly face challenges obtaining credit in the future. When you think about the number of services that you are credit checked for in the UK this may prove a problem.
If you are thinking off applying for a credit card after your discharge from bankruptcy then you may be better off applying for a prepaid credit card. Take a look at the banking facilities page for more information. You can avoid getting into further debt.
Believe it or not a discharged bankrupt in a good job actually presents a good risk to lenders although they don't always see the fact that you have no debt. They tend to focus on the fact that you have previously been bankrupt! Mortgages are available following discharge. Visit the bankruptcy mortgage page for more information.
Becoming a discharged bankrupt usually happens automatically on the first anniversary of the bankruptcy. Automatic discharge will not be possible if:
The credit referencing agencies will usually pick up on the fact that your bankruptcy has been discharged. Some companies may still require a bankruptcy discharge certificate for finance related services.
It used to be possible to be discharged from bankruptcy early, however that is no longer the case. For bankruptcy orders made on or after 01 October 2013, the early discharge provisions are not available.
If you do not comply with your obligations then either the Official Receiver or the trustee can apply to the court to have your discharge suspended. Your bankruptcy discharge will either be suspended indefinitely until an obligation is met or it will be suspended for a specified period of time.
To obtain a bankruptcy discharge certificate you will need to contact the court at which you were made bankrupt. A small fee will be payable.
Bankruptcy discharge does not release you from your obligation to co-operate with the trustee or the Official Receiver. The administration of your bankruptcy estate can continue after your bankruptcy discharge.