WHY SHOULD I ANNUL MY BANKRUPTCY?

Many people who have been made bankrupt do not realise the far reaching effects that a bankruptcy order will have on them both now and in the future.

SPEAK TO A BANKRUPTCY EXPERT TODAY

WHY SHOULD I ANNUL MY BANKRUPTCY?

Many people who have been made bankrupt do not realise the far reaching effects that a bankruptcy order will have on them both now and in the future.

SPEAK TO A BANKRUPTCY EXPERT TODAY

Cancel the adverse effects of a bankruptcy order

Obtaining an annulment of your bankruptcy will cancel all of the adverse effects that a bankruptcy order will otherwise have on you.

There is more detail on the far-reaching effects that a bankruptcy order, if not annulled, will have on you here. What happens if I don’t annul my bankruptcy?

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Obtaining an annulment of your bankruptcy will cancel all of the adverse effects that a bankruptcy order will otherwise have on you.

There is more detail on the far-reaching effects that a bankruptcy order, if not annulled, will have on you here. What happens if I don’t annul my bankruptcy?

Free expert advice in minutes. Fill out the form & we’ll call you back

When you are made bankrupt, you will no longer own any of your assets.

  • This includes any property (including your home), cars, money in your bank accounts, jewellery, and anything else that you have which has a monetary value. Instead, all of your assets become the property of the State in the guise of the Official Receiver. You may hear the Official Receiver refer to your assets as “vesting in the Official Receiver’s office”, this means that the assets are no longer yours.
  • Your bank account is likely to be frozen and you will not be able to use any of the money in it.
  • If you are the director of a limited company, you will have to resign your directorship of the company immediately. You cannot act as a director of a limited company whilst you are bankrupt.
  • You will not be able to obtain credit over £500 without disclosing the fact that you have been made bankrupt to any lender. In practice, it is likely to be very difficult for you to obtain any credit after you have been made bankrupt. If you can obtain credit, then it will be more expensive.

When you are made bankrupt, you will no longer own any of your assets.

  • This includes any property (including your home), cars, money in your bank accounts, jewellery, and anything else that you have which has a monetary value. Instead, all of your assets become the property of the State in the guise of the Official Receiver. You may hear the Official Receiver refer to your assets as “vesting in the Official Receiver’s office”, this means that the assets are no longer yours.
  • Your bank account is likely to be frozen and you will not be able to use any of the money in it.
  • If you are the director of a limited company, you will have to resign your directorship of the company immediately. You cannot act as a director of a limited company whilst you are bankrupt.
  • You will not be able to obtain credit over £500 without disclosing the fact that you have been made bankrupt to any lender. In practice, it is likely to be very difficult for you to obtain any credit after you have been made bankrupt. If you can obtain credit, then it will be more expensive.

Obtaining a bankruptcy annulment order from the Court will reverse all of the negative effects that the bankruptcy order will have had on you.

 This means that when you obtain an annulment of your bankruptcy:

All of your assets will be yours again. They will no longer belong to the State and the State will not be able to sell your home.

Your credit file will be restored. This means that for the purposes of obtaining credit – including credit cards, loans and mortgages – your credit file will not show the fact that you have previously been made bankrupt. This will make it much easier for you to obtain credit in the future.

You will be able to access all of your money and spend it as you wish.

Obtaining a bankruptcy annulment order from the Court will reverse all of the negative effects that the bankruptcy order will have had on you.

 This means that when you obtain an annulment of your bankruptcy:

All of your assets will be yours again. They will no longer belong to the State and the State will not be able to sell your home.

Your credit file will be restored. This means that for the purposes of obtaining credit – including credit cards, loans and mortgages – your credit file will not show the fact that you have previously been made bankrupt. This will make it much easier for you to obtain credit in the future.

You will be able to access all of your money and spend it as you wish.

Contact a member of the team today.

Our experienced staff are well placed to provide you with any advice you need, or to answer any questions that you might have.

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