To go Bankrupt? Advice...

System

By official bodies I mean the Child Support Agency.

sniggings

R_USS wrote: »

What would the worst case scenario be Sniggings if I did just go BR without worrying about what I have mentioned?

I have read about the potential of up to 15 years in bankruptcy or something like that?

Bit confused by it all.

the worst is the OR will extend your BR,things like not being a director of a business and not getting credit without telling the crsditor you are BR ,things of that nature,you have to remember the OR's powers are there to cover all cases so someone hiding £50k and a villa in spain from the OR is what their powers are there for,not someone hiding part time jobs etc like I said talk to CAD or CCCS and give them the full story,I'm sure they will put your mind at rest.

nottoolate

debts incurred by fraud are not written off in bankruoptcy

System

IVAs are nearly as bad as bankruptcy but without the benefit of getting rid of the debts. You're still shafted.

Just my humble opnion, of course...

I wouldn't worry too much, but you definitely need professional advice. Your bankruptcy may be refused by the judge if you haven't taken advice anyway.

I was very worried about a couple of aspects of my interview - namely that I got married two months before going bankrupt (and not a register-office job either, though I didn't pay for it on credit). Interviewer barely mentioned it. And I got to keep my car too (need it for work, to be fair!)

Remember you wouldn't have to tell them you fraudulently applied for the loan unless they specifically asked about it. If they find out and question you, you must answer truthfully though.

I'm not in any way condoning what you did (as it was stupid an illegal as you well know), but... can't help feel there has to be some onus of responsibility on the creditor here. A big part of the reason this country has such a terrible debt problem is because the creditors aren't doing sufficient checks before giving out the money. I would expect for a loan that they would want to see a few payslips - such as basic check and yet they clearly haven't done it (unless you supplied fraudulent ones of course, which is a whole other ballgame).

Anyway, a few lessons learned no doubt, just the same as all of us.

R_USS

Sniggins if they extended the BR like you say does that mean that it would not be cleared after 12 months? from what u said aswell about the restrictions if it did I cant see that ever effecting me anyway.

With respect to child support agency is this something they would notice do u think or do they not really look into this? bit of a touch subject this as I have always paid for my little girl but the mother is a pain in the rear refusing me access, hence when I got a part time job I didnt see why I should inform them when I cant even see my own daughter. (anyway thats a different story lol)

System

From the DirectGov site:

"Bankruptcy usually lasts for 12 months from the date that the court made you bankrupt. After this time, your bankruptcy and the bankruptcy restrictions usually come to an end. However, the restrictions can continue for 2 to 15 years after your bankruptcy ends if careless, criminal or dishonest behaviour were the main causes of your bankruptcy."

Of course, this can be interpreted many ways and every OR is just a person doing a job, so there's always difference.

Unless you plan to be a Ltd company director the restrictions aren't that bad. The main problem is that as an undischarged bankrupt you are very limited on what bank accounts you can get and of course, you'll fail any credit check. Forget about mortgages until it's dropped off your file.

I'm with you on the child support issue. I have a feeling the OR wouldn't be that interested. Again, it's not something you would need to mention unless specifically asked about it.

R_USS

nottoolate wrote: »

debts incurred by fraud are not written off in bankruoptcy

Would this prevent me then guys from going down the BR route?? in reference to me stating when I was younger that I was a lecturer with respect to my employment to 'help' obtain the loan?

Gutted if it stops me going for the BR.

System

I think if that's the case, then the worst is that you still have to pay the loan. There's several types of debt which are still enforceable after a bankruptcy - student loans is one that springs to mind.

LOTS of people exaggerate their incomes though for loans and other credit applications.

sniggings

R_USS wrote: »

Sniggins if they extended the BR like you say does that mean that it would not be cleared after 12 months? from what u said aswell about the restrictions if it did I cant see that ever effecting me anyway.

With respect to child support agency is this something they would notice do u think or do they not really look into this? bit of a touch subject this as I have always paid for my little girl but the mother is a pain in the rear refusing me access, hence when I got a part time job I didnt see why I should inform them when I cant even see my own daughter. (anyway thats a different story lol)

yes but it's very rare and only used for cases a lot worse than yours and like you say wouldn't really affect you anyway,I doubt the OR would ever get involved in the child payment history,I was like you and thought I would get in trouble as I got a loan only 7 months before going BR,I gave my reasons and the OR didn't have an issue with it,the lieing on the loan sounds bad but I would think you would have to do more than just lieing about your job to warrant a fraud case on you,the only other problem might be pasted gambling but as long as your gambling debts dont make up the bulk of your debts then that shouldn't be a problem either,think of people like kerry katona and the richest man in Ireland just going BR,if they can safely go through this than the OR would breeze through a case such as yours.

nottoolate

http://www.bis.gov.uk/insolvency/personal-insolvency/bankruptcy-what-is-bankruptcy/how-will-bankruptcy-affect-me

When I am discharged am I released from all the debts that were included in my bankruptcy? No, there are some debts that you are not released from when you are discharged, even though they were included in your bankruptcy. They are included in the bankruptcy so that the creditor can be paid if you have assets that can be sold. Bankruptcy debts that you are not released from include:

• any obligation to pay a lump sum or to pay costs in family proceedings, whether or not there is an attachment of earnings order;
• any debt that you incurred through fraud or fraudulent breach of trust; and
• a liability to pay damages in respect of personal injuries to anyone.

Any secured creditor can still sell the asset upon which the debt is secured, even though you have been released from that debt.