Bankrupt today, my experience

radarjay

I was declared just after 10.00am this morning. It does feel weird, certainly not the big relief I had hoped it would be but that is probably because I won't know what will happen to my business until I've had my OR interview. That is what is really keeping me awake at night.

Once I had dropped my son at my parents I had to take my car to the repair centre so the accident damage could be fixed. They had kindly agreed to drive me over to the Court and dropped me off.

It was all over very quickly. I arrived at Court at about 9.45am, had to sit down in the waiting area and soon after 4 others joined me. They all seemed very laid back about it all and were laughing and joking about it. I was the second person to be called in to see the Judge, whom was very pleasant. He asked me if I'd taken advice and whether I was aware of the restrictions and implications of bankruptcy and reminded me that I must co-operate with the OR. Then he said that my debts were quite clearly overwhelming and that he hoped this would give me a fresh start. He then said I should return to the waiting area and the clerk would call the OR whom would send me forms to fill in.

Once all 5 of us had been seen the clerk handed out our copies of our Bankruptcy Orders and told each of us in turn that the OR would call today or tomorrow to arrange an interview and that we would be sent forms to fill in and we were free to leave.

I left the Court at about 10.15am.

I walked into town and sorted out my son's birthday cake and then a new experience for me, I got the bus home! I was going to get a taxi but luckily I made it to the bus station 2 minutes before the bus was due to leave. There is only bus per 1 1/2 hours here.

When I got home and collected my son,I shredded the rest of my business bank cards. It feels odd to go from having 8 bank accounts to just 1 and I have as yet to work out how I will manage the business finances separately from personal finances, if the OR lets me keep trading of course.

So now I just have to wait for the OR interview. This is the part I am dreading the most as I am desperate to keep my domain. The car & rent issues are also worrying too.

sweeper12

I found this on the insolvency website :

If you are bankrupt you are still allowed to earn a living, and can do this by being self-employed or by carrying on a business, as long as you do not disobey the law by obtaining credit of £500 or more without disclosing that you are an undischarged bankrupt, and as long as you do not use another name unless you tell those with whom you trade of the name under which you were adjudged bankrupt. If you earn more than sufficient to meet the reasonable domestic needs of yourself and your family, the Official Receiver may apply for an Income Payments Order (IPO).

Hope that helps........................

radarjay

Thanks Sweeper - I knew about that part but the issue is at least one member here who went bankrupt had their domain name taken from them as sold as an asset.That is what I am desperate to avoid.

tigerfeet2006

Glad everything went smoothly for you RJ.:T

I hope you have a good out come with the OR.

maxmycardagain

5 in 30 minutes?

5 x £400? = £2000

not bad money is it for half hours work

tigerfeet2006

maxmycardagain wrote: »

5 in 30 minutes?

5 x £400? = £2000

not bad money is it for half hours work

£400???? how did you get that figure?

betterlatethannever

Glad it went well Radar, i felt like the whole thing was abit of an anti-climax too. the huge relief i expected just didn't happen.
Max, i think you mean 5 x 150 ( the courts fee is £150) the Ors fee is £335

nicky7175

glad it all went well for you it is a strange feeling after isnt it.

radarjay

maxmycardagain wrote: »

5 in 30 minutes?

5 x £400? = £2000

not bad money is it for half hours work

We had all actually seen the judge within 10 minutes. A 6th guy arrived and he was the first of the 10.30 lot.

tigerfeet2006

betterlatethannever wrote: »

Max, i think you mean 5 x 150 ( the courts fee is £150) the Ors fee is £335

Also don't forget that this money is not judge to pay for the judge. There is the court staff, heating lighting, rates etc. as well.

radarjay

The OR called me this afternoon around 4pm and we had a 30 minute conversation. She asked a lot of questions about info that is already on the forms (the OR is in a town thats in a different County and an hours drive away so thats a bit weird)

She asked me to confirm name, address, past address, how long I'd lived at my address, who my landlords were, were there any rent arrears, any assets, details of car, quite a lot of detailed info about my employment, bank accounts, total of debt, where the majority of the debt was and some other bits and pieces.

She said that she has never dealt with someone with an online business before, but also I can keep trading. She then said she will check with her superior about whether I can keep the domain names and if he doesn't know they will have to contact an office in London.

She will send me some forms and let me know when my interview will be some time next week.