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Scottish Trust Deed Forum
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Topic starter
12/09/2012 11:21 pm
I have been bankrupt for almost a year now , and iam wondering what happens after the year ? i will still have 2 years to pay which in total is 3 yrs but have £ 7000 Equity to pay over 24 months which equals 5 yrs does this make sense, am i classed Bankrupt until the 5yrs are over? I hope this makes sense to you.
12/09/2012 11:26 pm
Hi Graham
Your bankruptcy will normally run 3 years. You are automatically discharged after 12 months although the bankruptcy ( trustee in office) remains for 3 years. If all matters were dealt with in that time, the trustee would be discharged on the 3rd anniversary and that would be the end of it.
If you have equity to deal with, the trustee will not discharge till that's dealt with and extend the normal 3 year period he is in office to deal with this.
Hope this helps
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
12/09/2012 11:31 pm
I thought i had to pay the equity over 24 months would that be correct Mark, thanks for your reply , in terms what does being Discharged really mean ?
13/09/2012 9:20 am
Hi graham.
Usually you would have to pay over your disposable income (towards the bankruptcy fees and your debts) for a period of three years.
Once that period has ended, and assuming that your trustee is happy for it to work this way, you could then pay the sum due for equity from your disposable income.
Being discharged from bankruptcy will mean that you are no longer subject to some of the restrictions that go along with it.
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