advise please

higworth

need some advise please , ten years ago almost to the day both my wife and I were discharged from bankruptcy , things seemed to finally be sorted and life was back on track , then five years ago I lost my job once again and debts some mounted up again , anyway after about six months I found another job and we managed to keep our head above water until now , my wife has just been made redundant from the same company as I work for and it looks like it wont be long before I am made redundant as well , now we have lost my wife’s wages we are really finding it hard to manage , I have looked into IVA but even that looks a bad bet as i am sure that in a couple of months I will be without a job as well , I think bankruptcy is the only option left once again , is it possible to go bankrupt for a second time , there are no assets like last time , house and car went last time ,i am at my wits end with worry , just don’t know what’s the best action to take .

JCS1

Yes, you can go bankrupt more than once, and as it was 10 years ago then the BR then is likely to have little bearing on your current circumstances.

Please contact one of the free debt charities to go through your options.

k2nga

Hard on to answer this. I know you can go bankrupt twice but do you have alot of debt again?

skylight

You can go BR more than once, but repeat BR's are likely to be given a BRU - bankruptcy restriction order, this restricts you whilst BR ie, cant be an MP, or more than £500 credit etc.

You should also expect a face to face interview with the OR rather than a telephone one. But there is nothing illegal about doing it more than once and you are not going to end up in prison etc.

Call one of the debt charities for some advice.

JCS1

skylight wrote: »

You can go BR more than once, but repeat BR's are likely to be given a BRU - bankruptcy restriction order, this restricts you whilst BR ie, cant be an MP, or more than £500 credit etc.

You should also expect a face to face interview with the OR rather than a telephone one. But there is nothing illegal about doing it more than once and you are not going to end up in prison etc.

Call one of the debt charities for some advice.

2nd bankruptcies are investigated more closely if within a couple of years of the 1st one, as it's been ten years in this case it is unlikely to be looked at more closely than a "regular" 1st bankruptcy,

fermi

On the subject of BRU/O's for a second time bankruptcy:

21.5EA Previous failure and bankruptcy restrictions orders

In determining whether an application for a bankruptcy restrictions order (BRO) is appropriate, the court will consider whether the bankrupt was an undischarged bankrupt at some time during the period of 6 years prior to the current bankruptcy order. Similarly, in determining whether to accept a bankruptcy restrictions undertaking (BRU) the official receiver should have regard to whether the individual was an undischarged bankrupt in the previous 6 years.

A previous failure is not listed in the grounds for a BRO application but is a matter for consideration when making an application. The official receiver cannot therefore make application for a BRO solely as a result of the bankrupt having a previous failure. It is likely therefore that there needs to have been unfit conduct in respect of the current bankruptcy, before an application is made. If, however, it can be shown that a bankrupt has failed to learn from previous mistakes, the court may take this into account when considering the BRO application and may make the order for a higher period.