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| xmas baby |
Posted - 19 December 2008 : 12:51:03
BRO versus BRU?
A sizeable proportion of my debts are through reckless spending (ie. gambling) and I know I would receive either a BRU or BRO for this, should I petition for bankruptcy. One thing I am unsure about though, is does the OR give you a choice as to whether you accept a BRU in the first instance or can he automatically give you a BRO instead if he thinks your debt is due to excessive reckless spending. Am I right in thinking that a BRU is normally for a shorter amount of time than a BRO?
Thanks for your help
xmas baby |
| 5 L A T E S T R E P L I E S (Newest First) |
| Help007 |
Posted - 19 December 2008 : 16:04:08
I have been looking at things people of done that have BRU's/BRO's and the general is reckless spending/gambling etc varies between 3-7 years.
The highest I saw 15 years was someone who basically sold off a property denied it to the OR then opened a bank account in a foreign country put the money in the OR found this out and the person had disappeared and drew all the monies out.
HTH |
| xmas baby |
Posted - 19 December 2008 : 14:19:19
Okay I see. So if the OR recommended a BRU for 15 years, you might as well refuse it as you wouldn't be any better off than with a BRO. I suppose it would be very rare to receive a BRU of this length of time though surely. |
| John |
Posted - 19 December 2008 : 14:10:21
Hi
A BRU is no different from a BRO in terms of why they are applied or the number of years it may stand (up to 15 years).
The difference is you agree with the length of a BRU once the OR suggests the term and there is no need to go to court. Although once signed it is legally binding.
The only time the OR would apply to the court for a BRO is if you refuse to sign the BRU.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
| xmas baby |
Posted - 19 December 2008 : 13:58:06
Thanks for the reply Skippy. So regardless of the amount you are in debt and the recklessness of spending, you are always offered a BRU in the first instance. Have I got that right? Also, can BRU last for up to 15 years too, as in a BRO, or would any BRU be considerably shorter?
Sorry to keep going on about this one.
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| Skippy |
Posted - 19 December 2008 : 13:14:34
You get the option to accept a BRU in the first instance, and if you don't accept the OR can apply to the court for a BRO, which is generally longer.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
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