did anyone..............

georgie14

hi,

i am getting myself so worried about bankruptcy, basically this our only option due to unforeseen change in circumstances (husband lost job - although now due to start a new one but much lower wage & my mother has been diagnosed with cancer so can no longer look after our baby therefore i have no option but to stop work as childcare near us is nearly as much as i would earn)

my biggest worry is that because this is all so sudden and we have both come from high earning jobs and although had a lot of credit never missed a payment and always managed it although on reflection now we are having to evaluate things we were clearly living beyond our means. sorry back to my worry - as this is sudden change of circumstances we have used our credit this year as we normally have (no more excessive than other years but we have used it) and also a few months ago we got PPI back so we paid our parents 5000 as they lent us 15000 a year ago to pay of a high interest credit card

how will the OR see this, we have not done anything intentional and beleive me this is never an option i thought we would be facing, but i have read so much scary stories about delaying discharge and also BRO (think thats what they called) and wondered if any one had a simiar experience and used credit or paid loans before major change that lead to bankruptcy?

or has anyone had a BRO and what is it and what does it mean? may sound silly but can we go to jail (i know that sounds ridiculous but i am such an honest person and worried sick about this)

thanks

alastairq

Hi.....worrying usually arises from a lack of information or knowledge....it is, fear of the unknown.

A scan of the stickies at the top will give loads of information which may well settle your mind?

No-one will go to prison.....that sort of outcome is only likely if a criminal offence has been committed.

Bankruptcy is a Civil matter involving a Court....in much the same way as Divorce.


Your described way-of-life is so very typical of millions of folks out there, who have eventually ended up simply earning to pay for credit, and living off that credit.

After all, at the time you had no intention of petitioning BR....you were simply juggling things to make ends meet.

However, the real issue around BR is that, it alters the status quo....significantly.


And this must be accepted before entering into it.


Have you , firstly, sought advice from one of the Debt charities? [CAB, etc, see stickies]

Are you actually 'insolvent' in the strictest sense?

Or does it just feel like you are?

If you are insolvent, then BR might be your only choice....but it isn't such a fearsome resolution as you imagine.

The OR seeks information about past use of credit...but purely to build a picture for the case...they are not judgemental....there are boxes to tick, after all.

A BRO [ issued, I believe, in cases where insolvency has occurred due to persistent gambling, as just one example]..............is simply an 'extension' of the restrictions imposed on an undischarged BR....

In simple terms, as I understand it...BRO's allow the OR to establish whether the reasons for the Insolvency in the first place have been resolved sufficiently....or to allow further, ongoing investigations as to the reasons for the insolvency.


In normal circumstances, such as your own, it is unlikely to be imposed.....

NeverAgain_2

I agree with alistairq - your circumstances/spending history are typical and unlikely to arouse any suspicion.

Paying £5K to parents is worth considering, but you have an explanation, and it was a reasonable thing to do at the time - key point - it would not be a reasonable thing to do now.

Time is also a great healer, this transaction is already 'a few months ago', and will have faded further into the background by the time you go bankrupt.

greytdog_2

i would really recommend as i said on an earlier post putting your SOA up as people have said it may be that you feel insolvent as opposed to being insolvent. Also you were talking about an IVA what made you change your mind?

jess0612

Basically my circumstances to bankruptcy is very similar to yours i paid some money back to my parents three months prior to my bankruptcy and i have been given a bro. But honestly is isnt anything to worry about. The OR asked me to attend a meeting at there office and i just had to go through where the money had gone. They told me ther and then it was highly likely i would get a BRO or a BRU if i accepted which i did. You still get your official discharge one year on its just that further restrictions are in place i got a further two years. Like you i thought they were going to lock me up and through away the key. But i think it was just the stress of being called to the meeting and not knowing what was going to happen.