- Tue May 02, 2006 5:51 pm
Nooooooo! Payment of all the debts doesn't make the bankruptcy go away.
You will still be subject to all the restrictions not withstanding that you may have no creditors left. And your credit file will still show it for 6 years etc.
you should take some advice about whether you can now apply for an
annulment of the bankruptcy order on the grounds that all your debts and the expenses of the bankruptcy have been paid in full (section 282 of the Insolvency Act 1986 and Rules 6.206 to 6.214 of the Insolvency Rules 1986)
Also look at the OR's leaflet here
The link is here
Definitely a step worth taking in my view - the benefits are large, but it may cost you a bit extra to get it (unless you can work your way through the rules - it's legalise but not that difficult to follow, especially if you have proof of payment)
re :- restrictions - these indeed lift on discharge
re :- after acquired property for 3 years - this is a whole other argument/discussion (the jury's out in my mind!)
Remember, posts here are just the informed views of people with similar experiences to your own or with some basic understanding of the issues.
If it's important, then there's no substitute - seek professional advice!