How to Survive Personal Bankruptcy in England and Wales

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The deadline for your official receiver or trustee to finish dealing with any equity in your home is three years from the date your bankruptcy application was approved. If the official receiver found you had money left over each month after you paid your essential living costs, they may have set an income payment arrangement IPA. If you had an IPA set, the last payment will be somewhere between three and four years after your bankruptcy, although you can still be chased for any missed IPA payments after this. Details of your bankruptcy will be removed from your credit file.

All of your creditors should have updated your credit file to show your debts defaulting on or before the date of your bankruptcy.

This means all the debts you had before your bankruptcy should now have disappeared from your credit file too. For most people, getting credit again will become much easier from this point. If the official receiver applied a bankruptcy restriction undertaking BRU or order BRO for more than six years, because you acted dishonestly, your bankruptcy will still appear on your credit file until this ends. If the official receiver found you had done something seriously dishonest, they may have imposed a bankruptcy restriction undertaking BRU or order BRO for up to 15 years.

This could start any time before you were discharged, so the end could be up to 16 years from the date of your bankruptcy. However I cannot give you any advice about how the insolvency rules work in South Africa. If they simply stop paying their debt in the UK then the UK creditors are likely to take Court Action against them and eventually secure the debt owed on their property.

Hi there, we have recently moved to Canada and with the exchange rate and only one wage coming in we are struggling to send money home to the UK for debts as well as survive here. We have been here 6 months can we apply for bankruptcy and if we did would we be effecting our credit score in Canada as we ideally would like to be able to buy a house here in 5 years time once we are financially stable, thanks. The situation your find yourself in is relatively common.

I have worked with a number of people who have been in the same position. As you have moved outside the EU you can apply for bankruptcy in the UK for up to 3 years from the date you left. Given you only moved 6 months ago you can still apply yes. The application process is on line so it is relatively easy to submit an application from abroad.

You do not have to come back to the UK to do it. Your credit rating in Canada would not be affected. As such your ability to get credit locally is unlikely to be impacted by your bankruptcy in the UK. I have a large sum of outstanding loans and credit cards which I paid while I was working in UK. Unfortunately, due to unforeseen family circumstances, I had to sell my property shared owned as I had to pay for medical bills outside of UK for my family members and look after them.

My mortgage and some of my depts were not paid.

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Currently, I live and work in EU, but my salary will not be enough to support myself and pay my depts. That is impossible, as I tried for the past 6 months. My understanding is that I cannot do that either as I am not in UK. Can someone help me what can I do, please? Unfortunately your situation is not an easy one. Generally speaking if you have moved out of the UK for more than 6 months an IVA will not be an option.

In certain situations it may be possible to bend these rules a bit but generally speaking that is the case. If you are now living in another EU country under the current rules you have to go bankrupt in the country in which you reside. As such you lose the option to go bankrupt in the UK as soon as you leave.

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Now these rules may change after Brexit but unfortunately we will not know that until Brexit actually happens. I think it would be worth having a more detailed chat about your situation to see if an IVA might be workable.

Please do contact me if you would like to do that Your email address will not be published. Learn how your comment data is processed. How much is your debt? Are you employed?

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Do you own a property? After submitting your details you will receive a call from one of our advisors to ensure you have received your report. They will be happy to discuss the results if you require. Your information will be held in the strictest confidence and used to contact you by our internal team only. Can I go Bankrupt if I have moved Abroad?