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Discharged Bankruptcy - A look at what it means to be a discharged bankrupt and the mortgage help Shire Direct are able to offer!

Discharged Bankruptcy is the final stage of Personal Bankruptcy, and discharged bankrupts are those who have been discharged and released from their bankruptcy.

Here we take a closer look at Discharged Bankruptcy / Discharged Bankrupts, and the implications it has when it comes to Mortgage borrowing, along with the Mortgage help we can provide for Discharged Bankrupts.

Explain to me Discharged Bankruptcy and what a Discharged Bankrupt is?

Well quite simply, Discharged Bankruptcy is basically the final stage of being a bankrupt, and a Discharged Bankrupt is somebody that has been discharged from their personal bankruptcy.

Being Discharged from Bankruptcy will normally occur 12 months from the date you were originally adjudged bankrupt, although this will depend on full co-operation with the Official Receiver. On discharge from bankruptcy, you can apply for a certificate of discharge at a cost of £60.00.

How will being discharged from Bankruptcy affect me?

Let's take a look at how being discharged from bankruptcy will affect the various aspects of a discharged bankrupts financial situation.

  • Your Debts
    On discharge from bankruptcy, you will be freed from most of the debts you incurred before the bankruptcy order. You can now obtain credit without having to declare your bankruptcy, unless of course you are asked to do so, either in person or on an application form.

  • Debts that you will not be freed from
    These include:

    • Money owed under family court proceeding (for example, Maintenance)
    • Court fines, or debts arising from fraud
    • Debts incurred after the bankruptcy order
    • Student loans incurred after 1/9/2004.

  • Your Mortgage Payments
    All secured creditors maintain the right to enforce their security if their payments are in default.

  • Your Assets
    Assets held or claimed by the Official Receiver or your Trustee in Bankruptcy will remain in their control, and are not returned to you on discharge, and it may be some time before all your assets are dealt with.

  • Your Business
    Once you are discharged, you are entitled to carry on a business without the restrictions of bankruptcy, and can act as a company director, or be involved in its management.

  • Co-operation with the Official Receiver
    Even when discharged, you are obliged to continue to assist the Official Receiver including providing information. Beware - if you don't you may be held in contempt of court.

  • HM Land Registry
    Bankruptcy petitions and bankruptcy orders are registered at the Land Registry, and remain on the register for 5 years from the date of registration.

  • Credit Reference Agencies
    The agencies collect details of discharges from newspapers and the London Gazette, and the Registrar of County Court Judgements. If your record is not updated, then you will have to supply the agencies with evidence of your discharge from bankruptcy.

Can Shire Direct help me arrange a Mortgage now my Bankruptcy is discharged?

Usually, yes we can! Here at Shire Direct we have an extensive range of specialist lenders that will consider advancing mortgage funds to borrowers who have been discharged from bankruptcy. The range also extends to those who have been involved in an Individual Voluntary Arrangements, CCJs, arrears or credit defaults.

So, if you are looking for a mortgage, and have only recently been discharged from bankruptcy, why not give one of our professionally qualified mortgage experts a phone call to see the options that may be open to you. Naturally, we will carefully assess your needs and requirements along with your aspirations, whilst taking into account your circumstances and come up with the most appropriate solution for you.

You'll find our service to be professional yet friendly, and we believe in listening with a sympathetic and understanding ear. We'd be delighted to hear from you, and of course your call will be confidential and naturally without any obligation! Our mortgage experts are available on Freephone 08000 282 281 up until 10.00pm everyday, or you can enquire online at any time and we'll be delighted to provide you with an in-principle decision - whatever your circumstances.

We hope we've managed to shed some light on discharged bankruptcy and what it means to be a discharged bankrupt together with the mortgage help available for those who have been discharged from their bankruptcy. Remember, there is a wealth of further mortgage and remortgage information throughout our site that we believe you will find useful, and we're only ever a free phone call away, or a couple of mouse clicks! We'd love to hear from you!

Enquire Online now, or call us today 08000 282 281 - our freephone lines are open 8am-10pm everyday! We'd love to hear from you!

The overall cost for comparison is 9.8% APR.
The actual rate available will depend upon your circumstances. Ask for a personalised illustration. APR variable and based on a usual case. Most customers are likely to receive a lower rate or the same rate as our overall cost for comparison rate - learn more about APR.

There are no upfront broker fees.
However, a fee may be charged on successful completion. An indication is that on conforming cases (straightforward applications with no or minimal adverse credit) a fee may be charged of up to 1% of the amount advanced, typically £795 and will depend on your circumstances.
For non-conforming cases (where case research and processing may be more complex due to adverse credit or unusual circumstances), a fee may be charged of up to 3% of the amount advanced, typically £1,995.

THINK CAREFULLY BEFORE
SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED
IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

Adding existing debt to your mortgage will increase the repayment term and overall cost.

Shire Direct and Shire Direct Mortgages are trading styles of Shire Processing Centre Limited which is
Authorised and regulated by the Financial Services Authority in respect of regulated mortgage products and general insurances.
Registered No: 302389. Commercial funding and Secured Loans are not regulated by the FSA.
Licensed Credit Brokers. Consumer Credit Licence Number: 349999.

Shire Processing Centre Limited is registered under the provisions of the Data Protection Act by the Information Commissioners Office: Registration No: Z6795249. Registered in England & Wales. Company number: 2732202. Telephone calls may be recorded for training, monitoring and security purposes. All applicants must be aged 18-years or over.