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What happens once my bankruptcy order is decreed?

After you have visited the court and finished your bankrupt hearing, the presiding local county court will need to come to a decision about whether you accept or reject your request to be made bankrupt. Typically, the court will only decide to reject your request for bankruptcy if they believe that there are better suited debt solutions to your financial difficulties.

If they accept your application, and your bankruptcy order is officially decreed, then the entirety of your bank accounts will instantly be frozen by the court and sovereignty of your cash will be given to the Official Receiver.

The Official Receiver will organise a personal meeting with you so that they can conduct an evaluation of your belongings and determine whether any of them can be sold off to repay some of your creditor debt. You might be told to participate in a B40.01 questionnaire where the Official Receiver will ask you for similar information to the contents of your statement of affairs form. It might be useful to utilise a copy of your statement of affairs form whilst undergoing this process with your Official Receiver.

In certain cases, your Official Receiver might give you the choice of whether you would like to conduct this questionnaire on the phone or meet them in person at their office, depending on the logistics within you area.

Once your meeting with the Official Receiver is over, they will alert all of your creditors that you are pursuing bankruptcy and will provide them with a document that summaries all aspects of your financial circumstances at present. After this, your assets deemed to have re-sale value will most likely be repossessed and re-sold in order to contribute towards repaying your creditors. You will need to have paid the costs of your bankruptcy in full from the initial proceeds of your repossessed assets, including your court and Official Receiver fees.

When will my bankruptcy end?

Typically, your bankruptcy order should expire exactly a year after your bankruptcy order was initially decreed by the court.

Your Official Receiver will get into contact with you and alert you of when your bankruptcy has come to an end. The majority of outstanding debt that you owe after this period has come to an end will usually be written off, though this is not applicable to any secured loans that you have taken out or any new liabilities you acquired whilst bankrupt.

If there are debts you are still struggling with after your bankruptcy, you should look for help from your local Citizens Advice Bureau or seek the advice of a specialist in finance.

For more information, read our page ‘What happens when my Bankruptcy comes to an end.

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