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| pix1 |
Posted - 19 March 2008 : 21:03:12
If you have to put down, say, £1700 for gambling losses on the BR petition would this automatically result in a BRU or BRO being applied? If so, how many years might it be for such an amount - assuming there were no other reasons for a BRU or BRO? |
| 5 L A T E S T R E P L I E S (Newest First) |
| Helpful Advice |
Posted - 20 March 2008 : 08:30:52
Hi Pix1
As paul says nothing to worry about with debts of that level against gambling losses, also the fact that you did not borrow the money to gamble with.
Kind Regards,
Brett England
View my Blogs at:
http://HelpfulAdvice.blogs.bankruptcyhelp.org.uk/
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
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| Reviva UK |
Posted - 19 March 2008 : 23:25:40
pix1
with debts f that order I don't believe that the gambling will cause you to have a BRO.
Although if you had an account with a bookmakers it might be the case that the OR wishes to see a statement from the account.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
| pix1 |
Posted - 19 March 2008 : 22:45:21
Thanks for burning the midnight oil...well almost, and replying. I ought to note that the gambling losses are not actually a secured or unsecured debt but simply losses noted in the section under gambling towards the end of the petition. So, effectively, I used money to gamble and lost it but do not actually owe anyone money for gambling. Is this different from a debt?
P.S. my total debts without the mortgage shortfall to come are £34000. when the mortgage shortfall gets added the gambling losses of £1700 will be less than 5% of total debts. |
| Helpful Advice |
Posted - 19 March 2008 : 22:18:49
hI PIX1,
It would all depend on how much the overall debts were, the rule of thumb is if it is below 5% of your overall debt then this probably will not get you a Bankruptcy Restriction Order or Undertaking,
If gambling debts make up a large percentage of your overall debt or account for all of it then you are looking at a BRO/BRU the timescale would depend on the severity of the offence and your conduct both pre and post bankruptcy.
A BRO/BRU Suspends your discharge from Bankruptcy therefore you remain as an undischarged Bankrupt for whatever the set period is and bound by the restrictions for this timescale.
Kind Regards,
Brett England
View my Blogs at:
http://HelpfulAdvice.blogs.bankruptcyhelp.org.uk/
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
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| pix1 |
Posted - 19 March 2008 : 21:07:36
Also, does a BRU or BRO mean your discharge is suspended or does it mean you are still discharged but restrictions similar to an undischarged bankrupt remain with you for a specified period? |
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