After Bankruptcy

  1. Will my debts become payable after my bankruptcy is complete?
  2. What happens to my debts after bankruptcy?
  3. Will I ever be able to get a loan again?

Will my debts become payable after my bankruptcy is complete?

No, this a common myth perpetrated by debt collectors and debt agreement salesman.

What happens to my debts after bankruptcy?

After the term of your bankruptcy (3 years) you are discharged from all provable debts.

Will I ever be able to get a loan again?

Of course. Just because you went bankrupt does not mean that you are barred for life from getting a loan. After the 5-7 year period that your bankruptcy is held on your credit file you should be able to obtain credit again.

If you are already defaulting on your repayments you may find that your credit file is already damaged enough that you cannot obtain credit.

Note: These F.A.Q's are for information only and should not be relied on as legal or financial advice. Your personal circumstances are not considered in any of the content above.