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bankruptcy relief order
zico82
Posts: 4 Newbie
Hi,
I was wondering about the Bankruptcy relief order. IF you were given one for 5 years for example I understand the professional restrictions but would you actually be discharged from your bankruptcy. Or in other words if you started earning during your BRO term would you be liable to pay back the debts still?
cheers
I was wondering about the Bankruptcy relief order. IF you were given one for 5 years for example I understand the professional restrictions but would you actually be discharged from your bankruptcy. Or in other words if you started earning during your BRO term would you be liable to pay back the debts still?
cheers
0
Comments
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Hi zico82 and welcome to the BR board. 12 months From the date of you BR you are automatically discharged and only if you have an IPA (runs for 36 months) would you have to inform the OR of your change of circumstances, having a BRO/BRU the bankruptcy ends at the discharge date, any lump sums received after this are yours to keep. The BRO/BRU only extends the restrictions it is not about assets.
Click on link below:-
Bankruptcy Restrictions Orders/Undertakings (IS)
Best wishes
If...x"If wishes were horses, then beggars would ride"
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Hi- yeah still an IF as haven't mad a bankruptcy decision yet- just looking at worst case scenrio- thanks for info and quick response0
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