Free of the obligations imposed by bankruptcy
Person whose bankruptcy period has come to an end.
The time when a person who has been declared Bankrupt has been relieved of this status by a court of residual liability, this is often after a certain number of years. At this stage the person is able to apply for credit again.
see Bankrupt and Bankruptcy - discharged from.
A â€˜court of residual liabilityâ€(tm) can relieve a bankrupt person of that status, but only after a minimum of 12 months. The now discharged bankrupt can apply for credit again, however it should be noted that credit reference agencies will normally identify former bankrupts up to 15 years after their discharge.
Person whose period of bankruptcy has ended.