debts due to gambling, will bankruptancy courts frown

mrelephant_2

I have run up £62k indebts due to gambling, cannot afford repayments and have been making token payments for several months of £1 due to my outgoins being more than incomings.

Live in rented accomodation and have no assets of any reasonable value so see bankruptancy as most appropriate way out, but am conserned that courts will frown on reason i have got myself in this situation.?

Can anyone give advice as to whether the fact i have gambled this money away will have a negative consideration towards declaring myself bankrupt.?

Also do you pay a one off payment when going bankrupt or do you have to pay regular monthly payments for term of bankruptancy and will term due to gambling be longer than 12mths?

1313

You might also want to post on this site.

http://www.gamblingtherapy.org/forum/default.asp

Apple_2

Gambling is considered as having been "Reckless and Culpable" and you may possibly get a BRO. Might be anything from 2-4 years. You are still discharged on time i.e. up to one year but the restriction stay in force for whatever period the OR stipulates.

There are no fixed rules I'm afraid and each OR does his/her own thing.
Contact Gamcare if you still have a gambling problem.

kevker

And to answer the 2nd part of your question. You have a one off fee of £460 payable to the county court in order to declare yourself bankrupt. Then you will get an Income Payments Agreement with the OR. Here you will pay a percentage of you excess income (i.e. the remainder of your income after all bills have been paid) for a period of 3 years.

To further confirm Apple's answer, the OR will probably take a dim view of the reason for the debt and I would say would get a BRO placed on you.

mrelephant_2

What is an BRO????

HenryWeston

BRO : Bankruptcy restriction order, i think!

Biffa

If you haven't already done so, I think you should also speak to Gamblers Anonymous as well.

kevker

BRO is indeed a Bankruptcy Restriction Order. This extends the effects of a bankruptcy even after you have been discharged. So things like applying for credit over £500, you have to declare your bankruptcy up front still, and also the jobs that have restrictions (police, magistrate etc) are still off-limits. As far as I can remember a BRO can be applied for up to 15 years.

asharon

No advice to you, but take care of yourself and I really hope you get things back on track.