bankruptcy

[sinnybon]

Please can someone tell me why after 5 years i cant even open a bank account and is it true that i will be registered as a bankrupt for ever??

[comanche]

A bankruptcy order normally runs for a period of time. Have you received notification that you have been discharged?

As for opening a bank account have you tried the Co-Op Cashminder account? It's normally available to undischarged bankrupts.

when did you go bankrupt? the law changed in 2002 with the Enterprise Act so with out knowing I can not answer you correctly. BTW I know the rules surrounding bankruptcy

God I am blind. 5 years 2001.

You where automacity discharged after 3 years, unless you where told different but trust me you would know. But the score remains on you credit file for 6 years from the date of bankruptcy. If you are discharged automatically, you do not have to do anything to get your discharge. If you wish, you can obtain a certificate of discharge. A certificate is not necessary in most cases, but if you need one you should write to the court that dealt with your bankruptcy. Give your name, address and court number (to be taken from the latest correspondence about your bankruptcy). The court may check with the official receiver that you are entitled to an automatic discharge. You should receive a certificate confirming your discharge within about 4 weeks. A fee of £60 is payable to the court for issuing a certificate of discharge (further copies will cost £1 each).

Now a big question and if the answer is yes and you don't do anything you will kick yourself.

Is the bankruptcy estate dealt with?

And what I mean does the Official Receiver or the trustee still own the beneficial interest of your house or any other assets if the answer for this is yes you need to deal with it. If you are unsure what I mean you must ask as this is very serois just becouse you are discharged does not mean that any asserts have retuned to you they still belong to the Official Receiver or the trustee.

You may be better of asking questions here http://www.debtquestions.co.uk/debt_forum/ on bankruptcy then on CAG, I am a member of the forum and will welcome you, we all understand bankruptcy and the forum deals with 80% bankruptcy and IVA issues.

And I have to say again you must understand the beneficial interest issue it is very real.

What is the effect of the discharge?
Your debts - it is on discharge that you will be released (freed) from most debts that you incurred before the bankruptcy order.
The debts you are not freed from include:
• any money owed under family court proceedings for example, for maintenance or CSA payments or arising from any personal injury claims against you, unless the court directs otherwise.
• any court fines or debts arising from fraud or certain other crimes.
• debts you incur after the bankruptcy order.

Your assets - any assets that the official receiver or the trustee held or claimed during your bankruptcy remain under the control of the official receiver or the trustee.

They are not returned to you on discharge. It may be some time after your discharge before all your assets are dealt with. If your home has not been dealt with in a certain period, usually 3 years from the date of the bankruptcy order (but this was with the introduction of the enterprise act in 2002 and the OR has to 1st April 2007 to deal with people who where made bankrupt before April 2004), your interest in it may be returned to you.

If you are making payments under an income payments order or agreement you must continue to make these payments even after the date of your discharge.

Please note that, when your trustee makes a payment to your creditors, he may place an advertisement about your bankruptcy in a newspaper asking creditors to submit their claims. If it takes your trustee a long time to deal with an asset, this advertisement may appear several years after the bankruptcy order.

What is meant by my 'beneficial interest' in my home?

This is your interest in the proceeds of sale of the property. It is different from the legal title to the property, which is held by the owner.

If you are the sole owner, the beneficial interest is the whole value of the property.

If there are joint owners, the beneficial interest is usually an equal share of the value. (If there are any amounts owed on mortgages or other loans secured on the home, these will be repaid first from any proceeds of the sale. Your beneficial interest is calculated after deducting these amounts.)

[sinnybon]

i have no idea about the bankrupcy procedures all i know is i declared my self bankcupt 5 years ago and i thought after 3 years i didnt owe any money to anyone anymore. i dont own my own house yet, although i would like to in a year or so. will they take this from me? i never realised how difficult this would all become. they never took back anything from me as i didnt have anything to take, at the time.

When you say "i don't own my own house yet" is this

1) because of a mortgage and your name was on the freehold when you went bankrupt.
2) because it is a council house (or the like) and you are buying the freehold in a year or so.