Monday, February 23, 2009

After a period, usually one year

After a period, usually one year, debts are written off. After your bankruptcy ends.
your creditors can make no fresh claims against you, but if, for example, you
have assets remaining that gain in value (such as your home), your creditors can
still force the sale of those assets within a period of three years.
This also applies to any assets you obtain before becoming discharged.
Although bankruptcy doesn't carry the same social stigma it did a few years ago,
it does bring with it certain restrictions such as your bankruptcy being advertised
in the local press, having your landlord informed, closure of your bank account,
and in certain professions -including most positions in financial services -a risk.
of losing your job. The bankruptcy remains on your credit file for 6 years.

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