Insolvency/Bankruptcy

castle96

Order states "Currently bankrupt: Automatic discharge will be 25/7/26"   (ONE year from Order. I thought bankruptcy lasted 6 years. What if total debt has not been repaid inside 1 year?

sourcrates

Nope, you are discharged after one year, your bankruptcy remains in the public information section of your credit file for 6 years in total.

You don`t repay anything in bankruptcy unless you have an IPA, which will last for 3 years, that has nothing to do with your discharge which will still happen after 12 months regardless.

fatbelly

Hardly anyone pays creditors anything in bankruptcy. The OR takes their fees first.

If creditors get 1 p in the £ they are lucky

castle96

So if unemployed. What are the ORs fees?

sourcrates

castle96 said:

So if unemployed. What are the ORs fees?

If your income is benefits based there will be no IPA, hence no OR fee`s to pay, just the standard £680 bankruptcy fee, which I`m guessing you`ve already paid.

luvchocolate

Just to give some idea my BR was 2012. I was working but no IPA
I had a trustee appointed by the OR because properties were involved 
When I received their final statement their fees were in excess of £25k
Sometimes they get lucky and get paid. 
Weirdly she was very helpful and we still exchange Christmas cards