Life after being discharged ?

fooman

After reading various posts on here most people appear to be discharged after 12 months. What happens after this as i know a guy who went bankrupt about 12 years ago for a debt of 8k and last year had a letter demanding 30k and was forced to sell his house.

I thought everything was written off after you have been discharged ? or am i missing something here ?

Whats stopping me being self employed putting just 10k through my books and pocketing 10k in cash and then after discharge start earning 20k on the books ?

Seems odd

Remmer

The BR rules have changed since 2004

Bakeybadoo

I'm no real use but housing isn't as simple as those who don't have a house as an asset when they go BR.

The OR can put a charge on the house that doesn't take effect until years later.

As I said, not my area at all but it's a minefield.

Jonto_3

fooman wrote: »

After reading various posts on here most people appear to be discharged after 12 months. What happens after this as i know a guy who went bankrupt about 12 years ago for a debt of 8k and last year had a letter demanding 30k and was forced to sell his house.

I thought everything was written off after you have been discharged ? or am i missing something here ?

Whats stopping me being self employed putting just 10k through my books and pocketing 10k in cash and then after discharge start earning 20k on the books ?

Seems odd

When the OR couldn't realise their interest in your mates property they will kept hold of it and morthballed it, if for example there was no equity and it was not viable to take possession. The OR would have offered your mate his property for £1 plus legal costs (£500) to transfer the title of the property from the OR to your mate. At the time he will have said no as he thought the property was worthless and wasn't going to pay £501. mistake.

10 years later property prices rocketed and the OR still had an interest in the house, so decided to realise it then.

The laws have change now so this will never happen again.

Richard_S

fooman wrote: »

Whats stopping me being self employed putting just 10k through my books and pocketing 10k in cash and then after discharge start earning 20k on the books ?

Seems odd

Hi fooman,

Nothing stopping you at all, there's a fairly hefty price to pay if you're caught though and it might look suspicious if your earnings dropped by 50% overnight.

Richard

black-saturn

If debts got written off everyone on debt would go bankrupt.

Bakeybadoo

Huh? Debts do get written off. Or do you mean everyone with property and debts would go BR if it was all written off?

Richard_S

black-saturn wrote: »

If debts got written off everyone on debt would go bankrupt.

Was that a "tie breaker" in a competition to win a life???

black-saturn

Richard_S wrote: »

Was that a "tie breaker" in a competition to win a life???

Thankyou for your very helpful comment. I shall use that in my text tie breaker comp :rolleyes:

black-saturn

Bakeybadoo wrote: »

Or do you mean everyone with property and debts would go BR if it was all written off?

yes thats what I mean. Whatever happened to paying it off like most of us have to?

scootw1

black-saturn wrote: »

yes thats what I mean. Whatever happened to paying it off like most of us have to?

this has been discussed previously. For one reason or another, some people just can't pay it off no matter how well intentioned they are