Bankruptcy 2

DEEJAY_2

Hi,

Back in 1996 I was made bankrupt !!3 yrs} and six years later my credit file was clear . Unfortunately I am close to bankruptcy again .Do I really need to tell the O.R about my previous BR ? If I dont own up,have they got thier own records going back to 1996 ? If I do, will my 2nd BR be worse ?

Any advice appreciated.

tigerfeet2006

Hi and welcome to the board.

You would be best off telling the truth to the OR. They look into all aspects of your finances and will no doubt know about your previous BR.

With a 2nd BR depending on the circumstances they may look deeper into your affairs, you may get a BRO. Though there has been 1 rule change since you went BR before and that is you are discharged after a year.

wherediditallgo

Not only would you better off telling them, the SOA actually asks you if you've been BR before.


Q1.14: Have you been bankrupt before?
If Yes, when?
Which court and which Official Receiver’s office dealt with the proceedings?


If you don't declare your previous BR, you could end up in trouble, as they'll wonder why you didn't say anything & may suspect that you were trying to hide something from them. Don't be embarrassed about it – you're not the first person to go BR twice & you won't be the last. What's done is done, & if you want a new start the best thing is to start off by being honest with the court & your OR.

It's inevitable that the circumstances of your first BR will be taken into account. However, that's not necessarily going to be a bad thing. In certain circumstances, a BRO/BRU may be imposed, but you will have a chance to have your say & give an explanation for what's happened.

penguin83

The court keeps all records for 25 years and I imagine the OR would use a similar time scale x x

fermi

penguin83 wrote: »

The court keeps all records for 25 years and I imagine the OR would use a similar time scale x x

Read somewhere that the actual case files are kept for 15 years, but the fact that you have been bankrupt before is recorded permanently with them.

Plus it's never erased from the Gazette of course.

DEEJAY_2

Thanks for all your replies.

The reason I am considering bankruptcy is because despite being in a DMP with Pay Plan which I am adhering to, my local Council have threatened bankruptcy because I missed some payments on my agreement with them for past Council Tax although I am up to date with the current years. They say they will only accept repayment now over no longer than 3 months but will be sending a statutory demand in the meantime.

I have been paying 45.00 per week and the debt is now 3800.00. If they present a SD, will the court accept it and if I cant pay in full commence BR proceedings ? Should I continue to pay at the same rate and hope the court acts in my favour? Or should I reduce my payments to my creditors in order to get the Council off my back !

Thanks again
Deejay