Whilst the Insolvency Service will notify credit agencies of your discharge from bankruptcy, notice of your bankruptcy will stay on your file for a minimum of 6 years from the date of the bankruptcy order. However, your credit score starts to improve from the point the credit agencies receive notification that your bankruptcy has been discharged.
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You will be able to own any property you acquire after having obtained a discharge of your bankruptcy, i.e. after one year of your bankruptcy, providing that the source of funds (deposit monies) do not flow from any assets belonging to your “Bankruptcy Estate”. Your bankruptcy estate comprises of all of your assets which you owned at the date of the bankruptcy order being made against you as these pass to the Official Receiver or your Trustee in bankruptcy.
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