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Have I got this whole BR thing right then?

After a few days of research and assessment by CCCS, is this what happens?

1. Set up bank account with co-op ready for benefits/wages, to pay mortgage etc from.

2. I fill in the forms pay the money.

3. I go to court swear oath, speak to the judge if needed etc etc.

4. Have interview with OR who will take full details of all income assests and debt.

5. OR will investigate what he can sell, house car etc etc, review my income to see if I can make some repayments. Also freezing everything.

6. OR will watch me like a hawk over a year to see what I am spending my money on, and bringing in etc.

7. After a year I am hopefully discharged.

8. After 6 years BR status removed from credit file.

9. I never spend money that hasn't come from my wage!!:j

Comments

  • peachyprice
    peachyprice Posts: 22,346 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    After a few days of research and assessment by CCCS, is this what happens?

    1. Set up bank account with co-op ready for benefits/wages, to pay mortgage etc from. yes

    2. I fill in the forms pay the money. Yes

    3. I go to court swear oath, speak to the judge if needed etc etc. Yes

    4. Have interview with OR who will take full details of all income assests and debt. Yes, he uses the info on the forms you took to court

    5. OR will investigate what he can sell, house car etc etc, review my income to see if I can make some repayments. Also freezing everything. The OR will only be interested in houses with equity and cars over £2k. The OR doesn't freeze bank account, he writes to the banks and either asks for the balance if there's loads of excess money in there, or says he has no interest in it. Banks freeze accounts if they're not sure what to do

    6. OR will watch me like a hawk over a year to see what I am spending my money on, and bringing in etc. Absolutely not. The only thing you have to tell the OR is if your income changes, they will not check, but may find out at the end of your BR if you've paid tax to HMRC on more earnings than you've told the OR about.

    7. After a year I am hopefully discharged. You will be discharged after 12 months, except in extreme cirumstances where you haven't co-operated with the OR

    8. After 6 years BR status removed from credit file. Yes

    9. I never spend money that hasn't come from my wage!!:j

    Hope that helps some
    Accept your past without regret, handle your present with confidence and face your future without fear
  • Thank you very much, I am quite clear now and prepared and Im sure this is the best way forward, I read a nasty comment on here the other day they said

    " You are all running away from your problems, instead of facing up to them"

    I say

    " we are admitting we have got ourselves a mighty big problem and we are facing up to the fact that we cannot solve it by ourselves, no matter how hard we try, and believe me Ive tried.

    From a now positive person, who no longer feels "the only one"
  • 6. OR will watch me like a hawk over a year to see what I am spending my money on, and bringing in etc. Absolutely not. The only thing you have to tell the OR is if your income changes, they will not check, but may find out at the end of your BR if you've paid tax to HMRC on more earnings than you've told the OR about.

    7. After a year I am hopefully discharged. You will be discharged after 12 months, except in extreme cirumstances where you haven't co-operated with the OR

    or get an early discharge after less than six months like wot i did...
    Now we all know how it felt to play in the band on the Titanic...
  • The OR will only be interested in... /// ...cars over £2k.

    Taken from: http://forums.moneysavingexpert.com/showpost.html?p=17463807&postcount=26

    31.2.21 Bankrupt claiming vehicle as exempt property

    Whether or not a vehicle is exempt property is in some cases a difficult question. In such circumstances, official receivers will need to use their discretion and consider each case according to its merits within the guidelines issued to official receivers.In all cases official receivers should apply the guidance strictly and rigorously. It is for the bankrupt to convince the official receiver that any motor vehicle is necessary within the exemptions. The value of the vehicle is not a determining factor.
    :j BR on 09/12/08 :j
    :T OR Interview (30 minutes!) on 19/01/09 :T
    :beer: Car confirmed (in writing) as Exempt Property on 29/01/09 :beer:
    :j Automatically Discharged on 09/12/09 :j
  • I need the car to get to work, I cannot get to work on time by using public transport( because of bus times), I have to take the kids to school first. I would have got rid of the car if I could as it takes up money i.e tax etc, so I am hoping he/she lets me keep it.
  • peachyprice
    peachyprice Posts: 22,346 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Taken from: http://forums.moneysavingexpert.com/showpost.html?p=17463807&postcount=26

    31.2.21 Bankrupt claiming vehicle as exempt property

    Whether or not a vehicle is exempt property is in some cases a difficult question. In such circumstances, official receivers will need to use their discretion and consider each case according to its merits within the guidelines issued to official receivers.In all cases official receivers should apply the guidance strictly and rigorously. It is for the bankrupt to convince the official receiver that any motor vehicle is necessary within the exemptions. The value of the vehicle is not a determining factor.
    Originally Posted by peachyprice viewpost.gif
    The OR will only be interested in... /// ...cars over £2k.

    Taken in context with the whole sentence in reply to 'OR will investigate what he can sell, house, car etc., If you have a car worth up to £2k that you need for work the OR will let you keep it.
    31.2.25 Exempt vehicles of excess value (updated August 2008)

    Where an exempt vehicle appears to have a significant value, the official receiver, when acting as trustee, may claim it for the estate if he/she considers that the realisable value of the vehicle exceeds the cost of a reasonable replacement [note 7]. The vehicle must be claimed by notice in writing no later than 42 days after it came to the knowledge of the trustee (in the case of the official receiver, on his/her becoming trustee) [note 8]. Any notice after this time can only be made with the leave of the court. The official receiver should not normally take any steps to claim an exempt vehicle unless the potential net realisation to the estate is at least £500 after taking into account any costs of sale and of a replacement vehicle.
    31.2.26 Provision of a suitable replacement

    Where a decision is made to replace an exempt vehicle with a cheaper alternative [note 7] the official receiver should inform the bankrupt of the amount he/she is prepared to make available out of the sale proceeds. The official receiver has discretion as to the amount allowed for the replacement which should be sufficient for the bankrupt to buy a replacement vehicle which is suitable for his/her needs. For consistency between official receiver's offices a guideline maximum figure of £2,000 has been introduced. While official receivers may exceptionally exceed this figure depending on the purpose for which the vehicle is used, it should be adhered to as frequently as possible.

    So, if a car is worth less than £2K and is needed for the OR won't take it, because it will have to be replaced with another car worth up to £2k!
    Accept your past without regret, handle your present with confidence and face your future without fear
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