What can and can't i do after been bankrupt

pdnw

I am looking to ask two question that i can find the answer......
I made be made bankrupt in the next few months but what happens if after am made bankrupt and.....

1. I win millions on the lotto or bookies? (do i have to paid anyone or tell anyone?)

2. i want to set up a business? (do i have to wait to after the bankrutp is cleared?)

wok_boy

You can't borrow more than £500 without telling the OR.

You can't setup a limited company or be a director or secretary of a limited company.

You can't do certain jobs after BR.

Those are the ones I can remember off the top of my head.

skylight

Apparently, the lottery question is the one most asked to ORs.


Yes. If you win the lottery whilst you are BR, you have to let the OR know as they will claim it on your behalf. They will deduct what you owe and give you the balance. This applies to any inheritance/win etc. Once you are discharged, then no.

beentheredonethatstilhere

If you come into a lot of money by what ever means then you are leagally obliged to let the OR know, you sign a leagally binding form. He will take the money and pay any fees he as incurred and all your creditors and then give you what is left.

wok_boy

Then winning the lottery will make you think, why the hell did you go through with it in the first place?

pdnw

Thanks everyone.

dojoman

wok_boy wrote: »

You can't borrow more than £500 without telling the OR.

You can't setup a limited company or be a director or secretary of a limited company.

You can't do certain jobs after BR.

Those are the ones I can remember off the top of my head.

I thought it was the creditor you have to inform!

philnicandamy

dojoman wrote: »

I thought it was the creditor you have to inform!

it is....:D

wok_boy

philnicandamy wrote: »

it is....:D

Ok been a while

philnicandamy

wok_boy wrote: »

Ok been a while

we forgive you!

miss_spooky

wok_boy wrote: »

Then winning the lottery will make you think, why the hell did you go through with it in the first place?

To be honest if you won millions on the lottery & your br was only in the thousands then you can get it annulled (as all your creditors will be paid anyway), then you can do what you like...

With a couple of mill you probably wouldn't even think why the hell did I go through with that.

Logistically you can't forsee a win as if you did then you probably wouldn't go BR in the first instance...

Also do you play the lottery? Can you afford to? If no then then no point in worrying what will happen if you do win...

Just get it over & done with and get on with your life as each days passes, then if your lucky enough to get a winning ticket, then do the above...

Good luck