BRO orders - need help

nervousmother

I dont think that is true, if you get any bonus you have to declare it to the OR sometimes they may let you keep it if its for £100, but if its more they may ask for it all. They give you an allowance to live on that is generous so you should not go without anything..

kralas

After the bankruptcy (1 year), if you get a bonus you can keep it even if you still have an IPO. The bankruptcy woman told me to delay it until after the one year if I could!!! I had to clarify it with her three times to make sure I was hearing right!

nervousmother

sorry i mis read, i thought it said in the first year!

Arfhurdaly

So at the bankrupcy date, its better not having much surplus, as to avoid an IPO (I'm self-employed)?

kralas

Imagine this. You say you have 50 quid surplus, they will say you have 150 quid, and wrap you with an IPO for three years. Make sure you have only the minimum expenditure claims, don't try claiming for things they can say you don't need, and that your income is no higher than your expenditure. Then you shouldn't get an IPO. That said, if you have a massive surplus, and are trying to hide it you could face the consequencies. I considered going part time. After losing everything and going through the stress the banks put me through, I thought sod them, why should I work to pay them off! Not the right attitude from me I know, but debt problems push you in a place you'd never normally visit

InnerPeace

Arfhurdaly wrote: »

I plan on going bankrupt in the new year, and I expect to be hit by a BRO order on top of bankrupcy. I read these can last 2-15 years.

Can anyone tell me what is the typical length of the order? On top, does having a BRO prevent early discharge from Bankrupcy.

Hi, the length of the restriction depends on the type of allegation and any aggravating or mitigating circumstances within that. Can you share with us why you think you're going to get a BRO?

Yes, having a BRO means you wouldn't get early discharge. The discharge will be after a year but the restrictions will run from the date of Order or Undertaking.