Anybody here been bankrupt before?

hondamt

Went BR about 20 years ago ,house price crash late 80's.
Sorted me self out over the years,now self employed all gone Pete Tong again.
Anybody done this twice? Any extra penalty's for this do you think?
Thanks.

David_F

Hi hondamt,

I went BR back in 1985 after a small business failed (it was for three years back then) and then I have just gone BR for a second time on 3rd March 2010.

I believe that legally if your last BR was over 15 years ago it will not have any bearing on your new BR. I declared it on my SOA as it asks if you have been BR before, my OR did query it during my telephone interview and wanted to know a bit about my first BR, nothing too in depth just what happened and why. Going BR a second time was not a problem at all, so you should be fine. I was not treated any differently than anyone who was going BR for the first time.

Hope that helps and good luck.

David

JCS1

With it being over 20 years ago, it will have no bearing.

If it was more recent, e.g. in the last few years, then the OR will look a lot more closely at the subsequent bankruptcy.

sizzler

I havent but intresting to know:)

vaporate

Just being nosey but what if you went br for a second time within a year or two after going br before? Implications?

sizzler

I think the OR would go through your case with a fine tooth comb. Probably a BRO i would think.

sizzler:)

fermi

http://www.insolvency.gov.uk/freedomofinformation/technical/casehelpmanual/S/SecondAndSubsequentBankruptcies.htm

sizzler

thanks fermi:)

curly04

good evening all
how is everyone?

dojoman

Once is enough (I hope) this experience has put the fear of god in me, really feel for any poor soul having to endure it more than once.

David_F

For me the second time round was much more civilized. When I went BR back in the 80's the Judge gave me and my business partner a 15 minute bollo**ing and the OR was a nightmare, a real interrigation. I was only in my early 20's and it scared the living daylights out of me. BR was for 3 years back then with no early discharge.

I thought long and hard when I was considering going BR again as I was scared that round two would be even worse. My debts had got so huge that there was no way I would ever be free of them so in the end I decided to declare myself BR for a second time. Not an easy decision but one I am so glad I did.

No matter how stressful going BR is, it's a walk in the park compared to being hounded for years by multiple creditors and never knowing how on earth I would be able to be debt free.

I will never have credit cards again.......EVER!!