Gone bankrupt and had or interview. What next?

curtismum · 4 November 2017 at 11:26AM

Hi all. I have had my bankruptcy approved and had my or interview yesterday. My questions are as follows:

1- what will the or tell my creditors about my bankruptcy?

2- can my creditors stop the bankruptcy going ahead?

3- How in depth will the or go regarding my finances and what's been spent?

I am a real worrier about things like this. So much so that I have had a breakdown over doing it and am suffering with severe panic attacks.

GazHatesBanks · 4 November 2017 at 2:19PM

The OR will simply inform your creditors that you are bankrupt. Be aware that this can take a few weeks, so if you are contacted by the creditors in the meantime, just have your bankruptcy reference number to hand to give to them.

A creditor cannot stop a bankruptcy going ahead - remember bankruptcy is a court order and no creditor is higher in authority than a court! IF they suspect that you have acted fraudulently, they can indicate this to the OR.

The OR will want (or obtain) your statements for 6 years. All they are really looking for is large spends close to your bankruptcy, new loans/finance close to your bankruptcy, a history of gambling or large preferential payments to friends/family. They are not going to want to know why you spent £25 at Tesco.

curtismum · 5 November 2017 at 11:45AM

Thank you. My only concern is that my husband is self employed and paid all of his takings into my account then I transferred the money to his account to pay the bills he has. Would they question this and say that I was giving money to him?

GazHatesBanks · 5 November 2017 at 1:12PM

They may question it, but as long as you have a paperwork trail showing that it was money that he had earned e.g. invoice issued, payment received into your account and transferred you should be ok.

It's not unusual for couples to share the money in this way although it would be better for his self employed income to be paid into a completely separate account and then transferred to personal accounts as necessary (it also makes the accounting for it on his tax returns easier).

curtismum · 5 November 2017 at 1:30PM

Thank you so much. You have been a real help and helped to settle my nerves. I know I've done nothing wrong but can't stop thinking about everything. Obviously all of his takings now go into his account.

Gone bankrupt and had or interview. What next?

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