Things I must do before filing for bankruptcy

im1dful

meehank wrote:

sorry to ask, BRO? TAUV?

Sorry.

BRO - Bankruptcy Restrictions Order

TAUV - Transactions at an Undervalue

postingalwaysposting

mattp wrote:

Errrr afraid this is highly illegal!

You will be signing a legally binding document to say that all your assets and liabilities are included in the bankruptcy (and no selling your Ferrari to your brother for a £1 hoping to keep it out of bankruptcy - that is called a Transaction an an Undervalue and they can investigate back 10 years to see if you have made any such transactions so be careful)

im1dful wrote:

Very true. You would certainly get a BRO for that. It might have little effect on you in Austria, but such clear misconduct would be higher bracket misconduct and so probably last for more than 10 years. But you can only go back 5 years for a TAUV.

Back to your query.

Yes you can go bankrupt with that asset. I dealt with a bankrupt the other day who took over £5k with him to court. It was quickly banked.

You are able to go bankrupt while living abroad, but you have to (it is in the Insolvency Act or Rules) petition in the High Court in London (although county courts may do it although they are not meant to). You would have to have to speak to someone at the OR's office in London and I would expect that they would ask you to attend the office (Bloomsbury Street, about 15 minutes walk from the court) for an interview.

I would also think that you should ask, while at court, for permission to leave jurisdiction, as you are not meant to leave the country (especially as you won't be coming back). Not exactly sure what you have to do.

Of course you have a duty to cooperate with the OR and so if he requires you to attend, you have to. But you may be able to provide the information by letter or email.

thanks please referr to the first line :rolleyes:

jellycat40

Hi there, I have just declared bankruptcy and stopped making any payments to creditors 10 months ago. Apart from some letters and a few phone calls (got my number changed to stop them) nothing happened re the debt.

There is an argument that the Debt recovery people are easier to deal with than the original creditor. The other thing that started happening about 4 months ago is that the creditors started to try dealing with me. They would write and say things like, if you pay £500 into your account we will also credit the account with £500 or sometimes more.

Def stop paying them, give yourself some breathing space and think about what you want to do.

It is unlikely that any of yur creditors will take you to bankruptcy it is too expensive for them.

If you have children is a portion of your settlement for them. If it is and you have it in writing then I don't expect the OR will be able to have it.

BR in itself is not too upsetting so don't worry that you will be embarrassed the staff at the court and the OR office see BR every day and are immune to it.

I was made BR for £140k so you maybe able to deal with it over the phone regarding the OR, I was not because of the size of my debt.

Good Luck

Louise