Bankrupcy??

crazyfrog1968

I did post here the other day, but my post was removed to the other forum, not sure why as it was bankrupcy details i was after, anyway, just need a few questions answering, i was chatting to a work collegue about finances today and he was telling me about a family member of his who went bankrupt, albeit almost 17 years ago now, anyway he said apparently from what he was told the couple in question went to CAB who adviced the fill in some forms, on the day they went to court, they went into a room, were a man looked at their ingoings outgoings ect, then they had to go across to another dept see another person, then swear on the bible or something that all was true to them and that was it, over and done with, they were discharged after 2 years, so my question is what is this phone call i keep seeing mentioned, how is it different now to when it was done all those years ago???
crazyfrog

skylight

Back then (not that its a million years ago!) you saw the official receiver in person, but now it is all done over the phone (usually). After the judge passes the BR order, some courts arrange the first interview with the OR there and then, other courts allow you to go home and the OR calls within a day or two. This initial interview normally covers the basic details such as contact, whether or not they have an interest in your bank account and basic advice on what happens next.

crazyfrog1968

Oh thanks, still confuses the hell out of me and sounds rather scarey, we are going to struggle on and try and claw ourselves out of our mess as much as we can till we have a change in our financial circumstances.
If and when anything bad happens we will be straight back here for advice, the main thing which puts us off is not being credit worthy, or having bank accounts something we have always been, even with all our debts LOL, never missed a payment YET
CFrog

skylight

You are allowed bank accounts as a BR! Granted, the facilities are not great but you can still have a debit card, online banking, direct debits etc. Just no cheque book or overdraft.

BR does mess up the credit file though.

When you need MSE, it will be here. (Sorry, IF not when!)

So_Sad_Angel

Hi Crazyfrog1968,

Welcome to the site.

Can I add a related question also...how many times does the person BR normally speak to the Official Receiver after BR court day? or can the OR request a meeting whenever they wish up to discharge?

I appreciate that now the interview are phone based due to workload of the OR.

tigerfeet2006

Hi Crazy frog and welcome to the board.

Give one of the debt charities a ring and have a chat with them about sll your options. They will give you FREE, non-judgemental advice. Numbers and links in my signature.

Check out these links for guides on bankruptcy

http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=01_bankruptcy

http://www.insolvency.gov.uk/pdfs/guidanceleafletspdf/guidetobankruptcy.pdf

Waspeze

So_Sad_Angel wrote: »

Hi Crazyfrog1968,

Welcome to the site.

Can I add a related question also...how many times does the person BR normally speak to the Official Receiver after BR court day? or can the OR request a meeting whenever they wish up to discharge?

I appreciate that now the interview are phone based due to workload of the OR.

I think (dont know) that in theory they can contact as many or as few times they want, if they feel something may have changed or to get an update etc.
I guess it depends how complicated your case is really?

crazyfrog1968

Just another question, i have been reading the national debtline site which was posted above, and see it says discharge is 12 months, possibly shorter if you co operate with the OR, also then there i a warning saying... WARNING These rules do not apply if you have had a previous bankruptcy or your automatic discharge has been suspended. This may be because the official receiver stops your discharge going ahead if you do not cooperate whilst bankrupt.
What does this mean,IF say i went bankrupt, then say in a few years stupidly went bankrupt again i would never be discharged, which would mean never getting credit.
Surely this isnt right as people have companies and go bust, then get a new company and maybe go bust again and again.
Theres a lot to this isnt there:rolleyes:

tigerfeet2006

It really depends on the circumstances. Say you got rid of some assetts and wouldn't tell the OR what you had done, this is classed as not co-operating.

In general most BR's will not have many problems and most peoplewant to help the OR as much as they can.

If you go BR twice, the second time you will probably just get a BRO.