What happens when you have discharged your bankruptcy in Salisbury?
Debts incurred after bankruptcy
You will still be responsible for any debts you incurred after you became bankrupt, i.e. from the date you file a Statement of Affairs or, if you were sequestrated, on the same day as the application was made by the court.
Credit rating
You will be listed as a bankrupt on your credit file. This record is open to public search and your name will appear on it for 7 years from the commencement of your bankruptcy, even if your bankruptcy has been discharged since then.
National Personal Insolvency Index
The ITSA records your bankruptcy on the National Personal Insolvency Index database. Your name will appear on this database forever.
Other difficulties
Lenders may limit your ability to borrow money or buy things on credit; you may find it hard to rent, or get electricity, water or the telephone connected without paying a bond; and some banks will not let you operate a bank account or will restrict how you use an account. You may find it hard to get or renew insurance. Job opportunities may also be affected by your bankruptcy.
We strongly suggest that you seek financial advice and consider all of the options available to you before going bankrupt. It is important to be aware of all of the consequences of bankruptcy.
Our team of bankruptcy experts can help you to successfully navigate bankruptcy and avoid penalties.
Get on the path to a brighter financial future today; allow our bankruptcy team to help guide you through the bankruptcy declaration process.