Life Ruined Help Needed

fatbelly

AshMufc20 said:

Minky You have not sed it on purpose but you have made me feel terrible like im going to prison or something
well obviously if thats the case i cannot go down the bankcruptcy route

No that's not going to happen. 

I think I said earlier that the official receiver has a duty to examine your conduct prior to you declaring bankruptcy. There has to be some sanction for people not behaving themselves but the bankruptcy restriction regime is pretty mild really. It just means you can't:

• get credit of £500 or more without telling the lender that you have a BRO
• act as a director or get involved with setting up, promoting or running a company without permission from the court
• carry out a business in a different name from the one under which you were made bankrupt, without telling everyone you do business with the name in which you were made bankrupt
• act as an insolvency practitioner.

• act as a local councillor
• be a school governor
• hold certain other positions in associations, governing bodies or professions
• exercise any 'right to buy'
• be a Member of Parliament in England or Wales.

The period varies between 2-15 years but you saw in the link earlier that people like you may get around 4 years (or may get nothing).

The OR is not going to go into the minutiae of  what you put on your loan application forms. But if you bring it up as an issue that may force them to refer it on. They will however take an interest in what money you drew and where it went. They will not be happy if there is a black hole somewhere.

You have had a gambling problem. I presume you can show where the money  came from and where it went. You are far from being the first to go bankrupt as a result of that. You have now addressed the problem and are taking action to have a fresh start. I respect that.

Oh, and thanks to catsacor for the mention!

Minkym00

I would imagine prison is highly unlikely, we’re not talking fraud on a grand scale here, but you *could* end up with a criminal record if it’s taken further.

MIJ1986

How far back would they look to see how the debt was built up?
Mine has been built up over the last 9 years roughly and I cant even remember what I spent the money on if I had to list it all out