| T O P I C R E V I E W |
| kma |
Posted - 05 June 2008 : 07:24:25
About BRU? I have seen this on a posting and am not sure what it means. I went br 2 weeks ago and am still waiting for my interview with the OR. I did have a brief chat with them on the day while I was at court. They have written to me just to enclose a sealed copy of my br order. I did call and was told that I had a case worker but they didn't always need to do an interview??
My credit file has already been updated to show me as bankrupt with a discharge date of 1/5/09. I am totally confused now - I am expecting them to take my car and expecting to have to make an income payment for the next 3 years. What should I expect next and what is a BRU?
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| 5 L A T E S T R E P L I E S (Newest First) |
| JulianDonnelly |
Posted - 06 June 2008 : 10:02:48
Hi Kma and welcome to the forum.
I recently had a case where the client received a IPA for only 12 months. As you pay no tax for the financial year you are BR, in this case the OR just did an IPA for the time he's not paying tax.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| m and v |
Posted - 06 June 2008 : 07:37:40
You're right kma - an IPA/IPO lasts for three years - and is only paid if you have enough disposable income.
BRU/BRO's are the restrictions placed on you that stop you getting credit, being a company director etc..
Vicki x |
| kma |
Posted - 05 June 2008 : 22:12:53
My debts are personal debts but problems came about as a result of the failure of a limited company i.e. borrowing to live whilst I didn't have an income. If I end up with just an IPA or IPO (?) how long will that last for? I thought that was for 3 years? |
| Helpful Advice |
Posted - 05 June 2008 : 09:19:41
Hi kma,
Vicki explains it very well.
You next stage is the representative or examiner from the OR's office going through your interview.
If you were a sole trader or involved with a LTD company you can expect a face to face interview.
If your debts were mostly credit debts and you remained in full time employment or on benefits you can expect a telephone interview.
A BRU is as Vicki says, a Bankruptcy Restriction Undertaking. This is based on your conduct prior to and during your Bankruptcy if the OR feels you conducted yourself badly they can issue you with a BRU for a set period of time.
A BRU will hold you under the restrictions of Bankruptcy for an expended period, although you will still be discharged on the anniversary of your Bankruptcy date.
If you are unhappy with the OR's decision of a BRU and refuse to give the undertaking the OR will apply to the court for a BRO Bankruptcy Restriction Order where the court will decide on the term of the Restrictions.
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
| m and v |
Posted - 05 June 2008 : 08:22:10
Hi Kma
Don't worry the OR will be in touch with you soon. They need to look through your form and then establish whether they need any further information.
If they managed to get some of this detail from you on the day then I expect you will have a telephone interview....or you could be lucky and not have an interview!
The OR's are busy people so may take a little time to get to you if their workload is big.
I had my interview on 9th May and I have just had a letter saying they won't be taking my car - so it all takes a bit of time.
A BRU is a Bankruptcy Restriction Undertaking and its applied if they feel you acted irresponsibly before going BR. This wouldn't happen in most cases though and are used to extaned the restrictions placed on you whilst discharged for a longer period - years rather than the 12 months.
Hope this helps
Vicki x |
