what happens in the 12 months of being made BR

anniekaiya

Me again!

im a nervous wreck....


Another question.... After you have been made BR what can or cant you do in the 12 months after im a little confused?

for example... i lose my car as its classed as an asset but then i purchase another car (well not me my partner or family member) whoever would like to buy me one am i allowed to drive it? because it means paying out for fuel and insurane? im a little confused...... or shall i say worried sick that BR is all going to go wrong and im left with 20k worth of debt to pay off.

please help

tiggerbodhi

Hi,


During the 12 months you live your life as normal within the SOA you presented to the OR, if you are paying an IPA the rest of your money per month is yours to do as you wish, if your costs go up or down significantly you need to re-negotiate with the OR or their agents, remember it is an AGREEMENT not an imposition.


If you get a car to use from a family member or even a company car the costs of running go into your SOA and monthly expenses to be agreed with the OR, has to be reasonable so if your family was to buy you a Bugatti Veyron the insurance cost might make your OR go a bit "hmmmmm"


There are some restrictions as to what jobs you can do, you cannot be a School Governor, MP, Magistrate and some others.


You cannot borrow money or take advance payment over £500 without telling the lender you are BR.


you need to read the small print on Insurance policies, some do not allow BR's to take them out, including pet insurance.


Other things you can do during the 12 months and longer, sleep a lot easier knowing you are in control and no phone calls, letters and other carp coming at you!

National_Debtline

Hi again anniekaiya

Very good reply from tiggerbodhi above - remember that there are an awful lot of people on these boards who have been through bankruptcy and come out the other side - they show it can be done and that it doesn't need to be scary.

Roughly 60 people a day declare themselves bankrupt in this country and the number who are actually refused is virtually nil. If you are unable to pay your debts and have taken the appropriate advice first, there is no reason that you would be turned down and left with this £20K of debt.

The Official Receiver's job is not to make your life hard for the sake of it - they just look at whether there is anything that can "reasonably" be paid towards the debts. If you need an appropriate vehicle to get to work and earn a living, or for some other essential purpose, the OR does not have to stop you using it.

Regards

Dennis @NDL

alastairq

and the number who are actually refused is virtually nil.

to add..from what I've seen via these boards, most so-called 'refusals' on the part of the Judge seem to be associated with the personal petitioner not seeking advice beforehand [from debt charities, for example]...as to what BAnkruptcy means, and actually involves?

And.as far as I can tell, these weren't essentially 'refusals', but simply the Judge telling the petitioner to go away and get some proper advice first.


A Judge would not be best pleased if a Petitioner went back to Court, to get the Order overturned, on the grounds that 'they were not fully aware of the implications of the Order'....