2nd time around bankruptcy

ironlady67

Hi, although I joined mse a while ago I have not used the forums so am new to this.

Was just wondering if anyone out there has filed for bankruptcy more than once?

Are there any more implications for doing so?

I was bankrupted around 10 years ago and I will more than likely be going down the familiar path again within the next month or so.

GazHatesBanks

You'll probably get more responses on the bankruptcy board, but someone I knew went BR 3 times and as far as I know the implications for the 3rd one were no worse than than it would have been if it was their 1st.

The only differences were that the OR interview was face to face (rather than a telephone interview) and they looked further back into their finances (requested 3 years statements instead of 1 year).

After all they can only issue an IPA/IPO if you have spare income and can only issue a BRU/BRO if you have done something wrong.

[Deleted User]

no implications; is considered by some to be a good way of clearing debts and only lasts a year.

sourcrates

Deleted User wrote: »

no implications; is considered by some to be a good way of clearing debts and only lasts a year.

Err, unless you are a homeowner, you may lose it !!

ironlady67

sourcrates wrote: »

Err, unless you are a homeowner, you may lose it !!

No, I am in rented. Didn't want my landlord to know though in case he thinks I won't pay rent. Been in house 5 years though and never missed a penny, always on time by standing order via agency.

TheGardener

ironlady67 wrote: »

No, I am in rented. Didn't want my landlord to know though in case he thinks I won't pay rent. Been in house 5 years though and never missed a penny, always on time by standing order via agency.

It is highly likely the OR will tell your landlord - probably a good idea to check your tenancy agreement for BR clause. Most OR's will ask for a tenancy agreement to be submitted along with the other financial paperwork. However, most landlords don't seem to be too concerned as long as you are a good tenant and have no rent arrears

WickedWitch123

TheGardener wrote: »

It is highly likely the OR will tell your landlord - probably a good idea to check your tenancy agreement for BR clause. Most OR's will ask for a tenancy agreement to be submitted along with the other financial paperwork. However, most landlords don't seem to be too concerned as long as you are a good tenant and have no rent arrears

I'm worried too about my landlord but I there's no BR clause in my tenancy agreement. I have been advised therefore that it is unlikely the OR will contact the landlord but its the decision of the OR at the end of the day.

luvchocolate

I had been in my rented home for 4 years when I went B.R, no missed payments, O.R wanted to see the tenancy agreement at the interview, and told me he would not be informing my landlord, still here 2 years later.

alastairq

As I recently discovered, agents & landlords seem to be very aware that someone who has petitioned for bankruptcy,actually has no debts!

Therefore is in a better position to continue paying rent!

Unlike many [who are insolvent , yet not bankrupt....]....who are struggling to service their debts?

Occasionally one comes across a landlord who may have zero understanding of bankruptcy and its reality...but they will be rare.

[Deleted User]

I meant no implications if you've bankrupt before sourcrates. Can be bankrupt as many times as you like, each treated as different petitions.

National_Debtline

Hello there,

Becoming bankrupt twice within a six year period *may* be regarded as potentially culpable conduct. Conduct such as this could lead to the Official Receiver seeking a bankruptcy restriction undertaking. It's important to note, however, that this wouldn't be enough on its own and that other culpable conduct would need to be identified for an undertaken to be requested. It would play a part in the OR's decision making.

The vast majority of people become bankrupt due to an unforeseen change in circumstances. It wasn't ever their intention to become bankrupt - and as such there wouldn't generally be any problems with someone going bankrupt twice or more.

Best wishes,

David @ National Debtline.