Bankruptcy

[simon.b]

I'm worried that by withdrawing some cash from my credit cards to afford my rent and the bankruptcy petition fee, that this will look bad? Will this go against me and what consequences could this have?

Was going to put this on the BR website but the traffic of posts is very slow...

[ivoriva]

Well, it isnt an ideal scenario. But I would hope the OR would sympathise with the neccessity. It is certainly something I've read of others doing on different forums.

Is there no other way you could do it, IE by not paying credit card/unsecured debt bills for a couple of months? That would probably be the preferred method.

[alan1951]

You have an amazing attitude to debt Simon.

Alan

[mick.i]

Are you on a wind up? I'm not sure that your creditors would be fussed about you having to miss a stag do!

[simon.b]

OK, I deleted those posts as I feel about 2 inches tall right now - I know what I need to do or not to do and so I'm not going on the stag do!

[aguise]

Hi Simon
If he's a good mate he will understand.

Ang

[alan1951]

I'm sure the OR would be sympathetic that you had unavoidable debt just before going bankrupt.

Can I go with you on your stag do to Ireland?? You could add my expenses to your bankrupcy fund, at the moment I can't even afford a pint of beer

Alan

[Skippy]

Hi Simon, I didn't read the posts you have deleted, but I think I've got the idea! Don't feel bad - it's really hard when people are doing things and going places and you can't do it. Whatever you do don't borrow money on a credit card to pay for a holiday - you don't want to give the OR any reason to give you a BRU/BRO, and borrowing the money for that reason could definitely be called reckless!

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[Oliver]

Skippy is right. The Courts have the power to increase the Bankruptcy period if they feel that you have been reckless.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[Skippy]

Don't worry about the what has happened in the past Simon, there is nothing that you can do about that. There were a lot of things on my credit card bills that I didn't think my IP would be very happy about, and I don't know how the OR will view them, all I can do is wait and see. However, there is nothing I can do about that now. Just don't incur any more credit!

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[MelanieGiles]

Simon

My professional advice is not to incur any further credit you know you will not be in a position to eventually repay. From earlier posts you have advised the forum that you have a surplus income of £550, so if this insufficient to meet your ongoing liabilities, you are insolvent and should not incur additional debt.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[ivoriva]

Whats done is done, all you can affect is the future. If you get a BRO/U then so be it, you cant alter the past. All I can say is be honest with the OR in your BR, as the OR is no fool. He will ask questions and you should give the honest answers - else you will definately end up with a BRO/U. What tends to be important is this; at what stage did you become insolvent (or ought to of known you were insolvent) - extravagence during your insolvent period will not go down well. Many BR's are a result of living beyond means, & subsquently robbing peter to pay paul, but that doesnt definately mean you will end up with a BRO/U.

Even with a BRO/U - you will still normally be 'discharged' from your 'debts' in BR within 12 months - meaning you still get a fresh start. And you will still be subject to an IPA for a maximum of 3 years whether or not you get a BRO/U. The BRO/U will mean you are still held to the same restrictions of BR after the discharge of your debts (ie no further credit over £500, not holding certain employment etc).