In practice, how long is bankruptcy in uk?

Z

zxcvbnm

Registered User
Messages
380
I am an irish citizen living in uk for the last number of years.
In practice, how long is bankruptcy in uk?

I know it can be maximum 12 months (or payments lasting 3 years in some instances), but I also believe it can be less than 12 months.

So in a best case scenario - how soon could I hope to be out of bankruptcy in UK ?
Is 6 months a possibility for example ?
 
Since Oct 2013 a change to UK Insolvency Laws disallows an early discharge, that is before 12 months.
Therefore the earliest one can exit UK Bankruptcy is 1 year.
Payment Orders can last 3 years from petition.
 
Your bankruptcy will be automatically discharged after 12 months. Be aware that the Payment Order could last 3 yrs but can only be attached during the 12 month bankruptcy. You should be mindful that your income during bankruptcy should not exceed your reasonable monthly expenditure!!
 
You must log in or register to reply here.
Back
Top