IVA : When Am I Discharged From Bankruptcy?

The definition of the term "Discharged from Bankruptcy" according to the financial dictionary is

"The termination of bankruptcy proceedings, resulting in cancellation of the debtor's obligations".

As suggested by this definition, an individual is no longer considered bankrupt when they are discharged.

A certificate of discharge will be issued by the Official Receiver, in line with the terms of the Bankruptcy Order.

In normal circumstances, an individual will be discharged from Bankruptcy automatically after 12 months or sooner, however, the court can impose bankruptcy terms of up to 15 years in fraudulent or criminal cases.

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