What happens after Bankruptcy? What do you do?

savagevixen

f you go for bankruptcy, what happens after?

I read you submit (something, what?) to the OR. Do they have control on your bank accounts? Do you send in payslips and bank statements every month, do they come to your house?

I am asking these questions, as (our rented house is going to be put up for sale and we must leave) so we are moving out and as posted before hope to stay with family in France and have a fresh start. How long does it take to go bankrupt and what do you have to do after. What will be expected of us.

I know the OR deals with everything but how

Bakeybadoo

Well I'm only talking from how I understand it, I've not gone through it yet but the OR is acting on your behalf. They contact creditors and deal with all the paperwork and administers any IPA on your behalf, to your creditors.

They are the one who you will have the most contact with before and during your BR proceedings.

I do know they do NOT come to your house.

They take control of all but a basic account or sometimes you get lucky and can keep a current account, depends on the OR in question and how much is in the account.

It can take different amounts of time to become BR, it's all dependent on how busy the court you use is.

Have you read the link you were already given? It really should answer all your questions and if you still have worries, you need to seek professional advice, maybe from the CAB as face-to-face is easier I find. The judge will want to know you've sought professional advice before any BR is granted so you may as well kill 2 birds with 1 stone.

http://www.insolvency.gov.uk/bankruptcy/whatisbankruptcy.htm

savagevixen

I have had lots of contact with CCCs, I just wanted a personal example to soothe my anxieties!!

Bakeybadoo

Aaah, well I'm not your woman then! I'm sure someone will be along soon with more BTDT advice to offer.

shameless-about-money

It would be MOST unusual for you to be allowed to keep a current account in bankruptcy.

The OR has access to your bank statements prior to bankruptcy and will know your income.
During bankruptcy and in any IPA you will be required to complete forms on a a regular basis to confirm your income. You must also declare changes in that income within 21 days of the change occurring.

savagevixen

But, I understand you can have a basic account. I am not planning on being fraudulent! I just wondered if you have to submit monthly statements, as we will be staying in france with family.

Bakeybadoo

As shameless said, you will be required to submit forms on a regular basis, detailing your income and that may include having to send proof - if asked for.

You also have to tell the OR about changes in your income, within 21 days of them happening.

Since if you don't do this, it breaches your BR position which can lead to prosecution, lenghtening of your BR order or even, very worst case, prison, you will find most BR's are open and honest about everything of that nature.

It should be no problem moving abroad. You can do it all from there.

magicgirl

I am not working now but was until Dec. I am a single parent but only officially off work for one year. I guess i will have to report change of income when I return? I currently live on maintenece and my HB gets paid normally. I only have a basic account and all that goes in is tax credits. will I lose any money in there?n I have heard mixed views on this one.

gettingitsorted

Hi magic,

Are you considering bankruptcy or are you already a bankrupt as its not very clear from your post

GIS

scootw1

Bakeybadoo wrote: »

As shameless said, you will be required to submit forms on a regular basis, detailing your income and that may include having to send proof - if asked for.

You also have to tell the OR about changes in your income, within 21 days of them happening.

Since if you don't do this, it breaches your BR position which can lead to prosecution, lenghtening of your BR order or even, very worst case, prison, you will find most BR's are open and honest about everything of that nature.

It should be no problem moving abroad. You can do it all from there.

When you say "change in income" that's obviously your payslips. but what about bank statements? Say, for instance, I find i have enough each month being frugal to sign up to a magazine sub or gym membership. Would the OR see this and say to me "if you can afford that out of your surplus then you can give us more in your IPA"?

Bakeybadoo

I don't think a minor amount like that would need to be declared, the OR will explain how much of a shift in income would need to be declared.