What happens if I get a BRO?

backtobasics77

Hi all,
I'm a few months into my BR. I'm worried that I'll get a BRO as I had a lot of debt and some of my creditors are not happy that I'm walking away from the debt. Basically I think they will kick up a stink with the OR.
So, if I end up with a BRO can I trade as sole trader after my BR? I'm not on any agreements to pay credittors as I earn very little. Will I be put on an agreement after my bankruptcy to pay creditors.

Thanx for all your help.

lilibet1

Can you get a bro just because your crediors object to you going br? Surely all creditors are unhappy if we go BR? Could you explain a little more please

x

dojoman

lilibet1 wrote: »

Can you get a bro just because your crediors object to you going br? Surely all creditors are unhappy if we go BR? Could you explain a little more please

x

No you can`t get a BRO if a creditor is unhappy, you would have had to do something wrong to get one, ie obtaining credit knowing that you could not pay it back, or trying to hide something from the OR.

dojoman

backtobasics77 wrote: »

Hi all,
I'm a few months into my BR. I'm worried that I'll get a BRO as I had a lot of debt and some of my creditors are not happy that I'm walking away from the debt. Basically I think they will kick up a stink with the OR.
So, if I end up with a BRO can I trade as sole trader after my BR? I'm not on any agreements to pay credittors as I earn very little. Will I be put on an agreement after my bankruptcy to pay creditors.

Thanx for all your help.

These are the restrictions with a BRO

You must disclose your status as a person
subject to bankruptcy restrictions to a credit
provider if you wish to get credit of £500 or more.
• If you carry on business in a different name from
the name in which you were made bankrupt, you
must disclose to those you wish to do business
with the name (or trading style) under which you
were made bankrupt.
• You may not act as the director of a company or
take part in its promotion, formation or
management unless you apply to the court for
permission to do so.
• You may not act as an insolvency practitioner, or
as the receiver or manager of the property of a
company on behalf of debenture holders.
• You may not be a Member of Parliament in
England or Wales.

backtobasics77

Thanks for all the replies.
I guess I'm just being paranoid to think the creditors are out to get me. Its difficult thinking the debt is all over when its been a part of my life for somethime now.

Falze

It is hard and i'm waiting for something to go wrong or i've done something wrong and all the debt is back.

I know it wont happen, but it doesn't stop it crossing your mind.

Best of Luck B2B

backtobasics77

Thanx Falze.
My feeelings exactly! After being burdened with debt its just so refreshing that there's nothing to worry about..... that is worrying lol.