Bankruptcy Shall We????

Annie_Johno

Dear all, hope somebody can answer this one????

If we get a court date in the next 2/3 weeks to file our petitions, how long will it take for the OR to arrange the telephone interviews? And can we still move abroad as planned on the 19th Aug, can the interviews be done with us out of the country ie via email?

We have already secured an apartment and paid a deposit and a months rent in advance on our apartment abroad. At the time of doing this, we had not planned to go bankrupt but as I have now lost my job here too, we cant see any other way forward other than bankruptcy.

Thanks
Ann

peachyprice

As long as you give the OR full contact details you can live wherever you like. It depends which court you go to as to how long it takes to get the interview date, some OR's are within 10 days, others have had to wait a month, and others only do face-to-face.

Annie_Johno

so as long as they can contact us say by phone even if we are 1000's of miles away we can still go abroad as planned on the 19th Aug? That would be a weight of our shoulders, we have visions they will take our passports off us and take every penny we have got so we cant go?

Do you know? we have some savings, which we have taken out of the bank this week, which is our flight money, and some cash for the 1st 3 months abroad, ie rent for the apt etc, food. Will the OR set a BRO against us for taking this money out whilst we are considering going bankrupt?
Thanks
Ann

oneandonlyboy

Depends on how much money you have taken out, if its a couple of hundred pounds should be ok if its £000's then you might be in trouble.

Annie_Johno

What do you mean by trouble?

I have had to take it out its all accounted for ie
Flights
Apartment rental
enough money to live here for next 7 weeks
Food and living expenses when we get abroad for 3 months
and I owe me sister £2000 which she wants back before we go?

So what youthink?

oneandonlyboy

you wont be able to pay your sister off, as your not allowed to give preference to creditors the OR does have the power to follow up on such cases. Have you taken this money out via loans,credit cards etc to live and buy flights? if so how much are we talking about?

oneandonlyboy

PS what country are you moving to because some countries such as germany and canada will up hold UK bankruptcy i believe.

peachyprice

Hi Annie,
Yes, as long as they can contact you you can go.

The money you have is for relocation and living expenses and should be fine as you can account for it, but you cannot pay your sister back, you will have to tell the OR you have used this for something other than that.

Annie_Johno

Hi peachyprice. thats good news that we can use our savings for relocation.
How much does the OR think is appropriate for a relocation budget?

I took out £5300 from bank y'day all of which can be accounted for give or take a couple of hundred pounds. My sister will not be happy but so be it. She just bought a new car and wanted her money back.

My other problem is I took out a loan for £5k just before the company I did work for went broke themselves in May. This was to be left in the bank and used to pay my outgoings for the next 2 years whilst I was abroad.

But because I lost my job its been used to replace my wages and run the house. I still have £2k in the bank of this money which is paying for mortgage and bills for next 2 months. SO I havent neven got into the red with anybody yet because I have jugged what I have got to make sure everything gets paid.

But I am very worried the OR will want my £5300 and then I wont be able to go abroad anyway.

Thanks again
Ann

oneandonlyboy

That a hard one, 5000 the OR might want some of that.
The loan might also be an issue is you knew you where having problems paying off your debt.

Annie_Johno

the £5k is our relocation budget and when I took the loan out I was expecting to get paid for next 3 months, then leaving and leaving enough money in the bank for 2 years of outgoings then I would have sorted myself out abroad or come back and started in another job, so life would just have carried on as normal. Then I lost my job, which messed up the plan completely and then somebody said why dont you go bankrupt before you go abroad???? So I am just seeing what my best options are if any.
Its all so messy now. If the OR takes the £5k I cant go abroad and I have an apt maybe a small job as well, everything planned.

What should I do?