A couple of bankruptcy questions

newstart44

Hello - I'm considering taking the plunge and going bankrupt.  I read that my bank accounts will be frozen at some point but I'm not too sure how long for.  I'm worried that I won't be able to pay my rent etc. while this process takes place (and my landlord will only accept rent via bank transfer).  
In addition, will I have to continue paying money for my debts once discharged as a bankrupt? - I'm currently getting Universal Credit as out of a job due to coronavirus.  
Also, some of my debt is due to gambling problems - does that mean I will automatically get a Bankruptcy Restriction Order? 
Thanks very much and have a good day.
Cheers
Mark 

jayzor

Your best bet would be to open a basic bank account as soon as possible, so you can be up and running with this if required. I would recommend a Monzo account as it’s good at helping you budget and has an option where you can ban gambling transactions (might help you out).

As some of the debt is down to gambling, you may be subject to a BRO (Bankrupcy Restriction Order) which essentially means the restrictions of bankruptcy stay with you longer. But the OR will look at everything and make a decision on this.

Most importantly you should address the gambling if it is still an issue.

es5595

Also, if you submit your bankruptcy application the day after you’ve paid your rent, you’ve got a whole month to get the accounts frozen and unfrozen again, which is normally more than adequate for a straightforward bankruptcy.

mwarby

Have you taken advice on filling out your SOA, if all your income isn’t benefits it’s important to cover all your expenses to avoid an IPA which leaves you struggling 

Minkym00

A BRO would depend on your circumstances. Gambling isn’t a misconduct if you used your own funds. Even taking out loans to gamble with isn’t a misconduct if you could afford the repayments. However if you took out credit that you couldn’t afford, or lied about your earnings when you applied for credit, then you could be looking at a BRO. How long it lasts would depend on how much you borrowed to gamble with in relation to your total debt and how close to the bankruptcy order. 

If you’re only bankrupt because you lost your job because of the virus and now can’t afford your repayments then you’ll likely be fine. 

newstart44

Thanks very much for all of your advice.  It's much appreciated.  Stay safe all of you.
Mark