Can't I simply pay the petitioning creditor's debt and ask for an annulment?

This is the first trap that many individuals fall into after being made bankrupt.

They think they can simply pay the debt due to the petitioning creditor then ask the Official Receiver for an annulment of the bankruptcy order. However, this is not possible for the following reasons:

• All unsecured debts become due for repayment including credit cards, store cards, bank loans. Even though payments may be up to date, the balances are now liable to be repaid in full.
• Assets vest in the Trustee. Bank accounts will be frozen. An entry in your name is placed against any property at H M Land Registry. This means that the bankrupt cannot access funds or re-mortgage to realise equity in their property to pay off their debts.
• It is the bankrupt who must make a formal application to court for an annulment. All relevant parties must be served with the appropriate legal documents.
• Obtaining an annulment is not easy without legal input and costs.

Getting in touch with one of our specialist bankruptcy annulment advisors for free advice is as easy as picking up the phone. Call the Re10 Debt Advice Helpline on free phone 0800 169 1536