If you are made bankrupt, your assets, including your home if you are the sole owner, will be transferred to your trustee in bankruptcy. This will not be reversed when you are discharged.
Can you cancel your bankruptcy?
You can however apply to have your bankruptcy annulled and it will be treated as if it had never happened and your assets will be restored to you.
You can apply to have your bankruptcy annulled on the following grounds:
- The bankruptcy order should not have been made;
- The bankruptcy debts and expense of the bankruptcy have all been paid or secured to the satisfaction of the court; or
- You have entered into an Individual Voluntary Arrangement since the bankruptcy order was made.
How do I annul my bankruptcy?
To annul your bankruptcy you must submit an application to the court, which will include a witness statement and evidence. You will also be required to pay a court fee.
The court will then list your application for a hearing.
It is important you get legal advice throughout the process and a legal representative to represent you at any hearing in order to get the best possible outcome and your bankruptcy successfully annulled.
Book an Initial Consultation with Expert Bankruptcy Solicitors and Barristers
We are a specialist City of London law firm made up of Solicitors & Barristers and are based in the legal heart of London in Middle Temple (one of the four prestigious barristers’ Inns of Court) adjacent to the Royal Courts of Justice. We are experts in dealing with matters surrounding bankruptcy including defending bankruptcy petitions; managing bankruptcy applications (including annulments); advising on bankruptcy petitions and offences; and liaising with the Official Receiver. Whilst we are based in London we provide national coverage across all Courts in England & Wales. We offer free initial telephone advice on bankruptcy matters.
Our expert Bankruptcy Lawyers are able to give specialist legal information and advice relating to bankruptcy matters and connected applications. To contact one of our London solicitors or barristers please click here or call 0207 1830 529.