new debt default whilst bankrupt

stevelo

hi this is just a question I have wondered about but cant find any info. please note this is not for me or anyone I know just purely out of curiosity.
say you are bankrupt and within that first 12 months you have a debt that you don't pay whets the criteria for creditors to get their monies owed but you are registered as bankcrupt? is is proceeded as a new debt that has nothing to do with being bankrupt ?

Minkym00

It’s a new debt and so being bankrupt won’t have change anything as only pre-bankruptcy debts will vest.

Xbigman

You do realise that there are legal restrictions on what you can borrow when bankrupt?


Darren

Minkym00

A debt doesn’t necessarily have to be borrowings.

Additionally you can borrow however much you like, you just have to make the lender aware that you are bankrupt. Failing to do so is a criminal offence.

stevelo

yes like I said it was just a question out of curiosity

TheGardener

To clarify the thread: Only debts upto the date of BR are included, any subsequent debts are not.

Xbigman wrote: »

You do realise that there are legal restrictions on what you can borrow when bankrupt?
Darren

As Minkymo says - debts are not always from borrowing - think gas bill, unpaid rent, fines, benefit overpayments...

There are no restrictions as such on borrowing by BR's - only that if its more than £500 then the borrower must inform the lender that they are BR. In reality of course, it would be very hard for a BR to find credit.

terrence45

It's a new debt and not covered by your bankruptcy, so unfortunately you can't walk around acting like superman, untouchable by debt!


I considered this when I had a run-in with Ebay (who are terrible these days if you're a seller). How nice it would be to say 'well I'm bankrupt so I won't refund the customer who deliberately damaged the item I sent them'! But I couldn't...