You are bankrupt for one year and removed from the Insolvency Register three months later. Anyone may view the Insolvency Register, it is in the public domain – simply Google it. Bankruptcy only comes off your personal credit file after six years. However, people can do a lot to restore their credit ratings relatively quickly: once discharged from bankruptcy, pay for an official letter of discharge and send copies to the credit reference agencies viz. Experian and Equifax.
The credit reference agencies will be unaware of your status unless you tell them. You might also consider applying for an ‘impaired credit’ credit card (Lumus.co.uk, Capital One, Aqua, etc.) and making regular small purchases and payments. This will work wonders for restoring your credit rating and it is often the case that people have credit scores of 700 plus just 15 months after discharge. You can now get a mortgage just three years after discharge from bankruptcy.
Bankruptcy UK offers assistance at all levels and will also prepare and submit your bankruptcy application online. Court appearances for bankruptcy are no longer required. Feel free to call us for bankruptcy help on 01425 600129 for a chat about your circumstances.