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| Needafriend |
Posted - 13 July 2008 : 09:39:25
Hi all
Please advise what BRU and BRO stand for. Some of the abbrieviations i have workedd out but what is this and what does it mean in terms of the BK.
Thanks for sounding so dumb.
JO |
| 5 L A T E S T R E P L I E S (Newest First) |
| JulianDonnelly |
Posted - 14 July 2008 : 11:55:11
Great advice Assist!
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| melanie_giles |
Posted - 13 July 2008 : 22:29:30
That's correct - you will get your discharge usually at the end of the first year, so long as the OR has not ordered a suspension of discharge, but the BRU/BRO will remain in place for the duration of the restriction.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
| John |
Posted - 13 July 2008 : 12:00:09
Hi jo
I believe you're correct re the 1st paragraph of your post.
As I understand it, irrespective of a BRU/BRO, you would have to inform the OR of any changes in your monthly DI for 3 years anyway, as that is the length, and conditions, of the IPA which, I think, also answers the 3rd paragraph. |
| Needafriend |
Posted - 13 July 2008 : 10:37:53
Hi Assist
Thanks for that info. So if say when we do our BK bit and the OR says we have a BRU/BRO for 3 years, we will still be discharged after a year but the restrictions in place like credit no more than 500 etc etc will be in place until the 3 years are up although we will technically be discharged just have to abide by the restrictions, it is nothing to do with the payment side of things.
If after the OR says that we have to pay maybe 3 years of say 134pm, after the year do we still have to keep them informed of wages, pay rises, changes in benefits etc etc.
And will they after that year still be incharge of what we can and cant have so to speak as in what our outgoings are whilst under the first year they decide after the year is up do they still do that.
Sorry for the big question
Thanks
JO |
| John |
Posted - 13 July 2008 : 10:16:38
Hi jo
BRU is a Bankruptcy Restriction Undertaking.
BRO is a Bankruptcy Restriction Order.
Either is imposed when the OR's office consider a BR's actions justify a longer term under the normal restrictions of Bankruptcy than the standard 1 year.
A BRU is proposed to the BR by the OR, for example for 5 years, and if the BR agrees it is signed and BR restrictions apply for 5 years.
If the BR disagrees the matter can go before the court and if the proposal is upheld by the judge then a BRO is issued.
So the OR issues a BRU, but only the court can enforce a BRO.
All these abbreviations drive me crazy but it saves lots of time!!!
Is that a ok? |
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