When you are discharged from bankruptcy, you will be released from most, but not all, of your debts. For those debts that are wiped clean, creditors will no longer be able to pursue you for any outstanding amounts.

Debts that you will not be released from are:

1. any money you owe under court proceedings - for example for child maintenance or debts arising from any personal injury claims against you - unless the court directs otherwise

2. court fines or debts arising from fraud and certain other crimes

3. student loans

4. mortgage payments and other secured loans - secured creditors still have the right to enforce or recover their security if payments are not met

5. debts that you have incurred after your bankruptcy order was made

If you are making payments under an income payments order or another agreement you must also continue to make these payments even after you are discharged.

It's also important to note that when you are discharged, any assets that the official receiver or the trustee held or claimed during your bankruptcy are not returned to you.

Your trustee will still have title to your assets and will seek to sell them in a bid to pay back as much as possible to your creditors even after your 12 months as a bankrupt are up. And this could take several years. During this time you may be required to make payments from your earnings to your trustee.

Your most important asset is likely to be your home, or your share of it if it is jointly owned. If it has not been sold within three years of you being declared bankrupt, it will be returned to you unless your trustee has applied for an order to prevent it being returned.