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| T O P I C R E V I E W |
| maff |
Posted - 22 March 2007 : 16:18:15
Well today I finally petitioned for BR, it's been a long wait since November. Wasn't as bad as I thought it was going to be, was really scared this morning but it's finally over. Just waitin to see OR now, they said I might be able to do my interview over the phone due to me having only one asset, a car. I hope so. Thanks to everyone for the advice and support, and good luck to everyone who's waiting to petition.
Maff |
| 3 L A T E S T R E P L I E S (Newest First) |
| go_4_broke |
Posted - 22 March 2007 : 23:23:33
Hi folks
As long as you haven't been up to any wierd stuff you should get a fairly easy ride from the OR. It's not exactly Dragon's Den.
If your debt is over about a year old they might not even ask for statements, but don't worry if they do.
As d/d says have a look at the BRO/BRU site to see what you need to do to get into that sort of territory - and have a good laugh, I hope.
-Best
'Bankruptcy - an elephant from the front - a mouse from the back' |
| Debtdummy |
Posted - 22 March 2007 : 18:50:25
Both of you must be relieved. It was a difficult decision to make. I know I had to make it myself, but now you can look forward to a fresh financial start. The second time around with credit we will all be wiser for the experience. Please continue to post and let us know how it goes.
Both of you will sleep well tonight I am sure.
The OR interview. You will have to explain how your bankruptcy came about. When did you run into difficulty paying your creditors? When were the accounts opened? What was the loans, credit cards used for? Basically, you will explain anything leading up to your bankruptcy.
You will need statements, utilities bank, credit card etc, but if you don't have them the OR can obtain them.
The OR will request the past years statements from your banks and creditors listed on your questionnaire that you will receive. You fill this in listing any assets of value. Household furniture, etc, should be listed as such. The OR will not take these items to be sold. BUT if you own an oil painting by Matisse....well expect an auction.
The OR will also be looking for surplus income for you to pay your creditors with for 36 months. This is known as an IPA. Read some of the posts here that explain what an IPA is.
Do not worry you'll still be discharged a year after the date of your BR, BUT if you have an IPA this will be for 36 months from the time the OR starts taking payments.
The OR is also looking for culpability. Meaning, did YOU deliberately take credit out knowing you were not going to pay it back? Did you sell any assets before going bankrupt, i.e, house, car or pad a pension with cash? We are not talking about Ebay type stuff that you may have sold. Did you gamble using credit?
To calm your fears there is a link here you can click on in BRO/BRU which will give you idea of what the OR is looking for.
Again, I wish you both well.
All I have left is my sense of humour. |
| posuns |
Posted - 22 March 2007 : 17:25:40
ME TOO!!
In court at 9:30am BR by 10:05am!!
Like you I have to wait until next week sometime for the interview with the OR,hoping for the phone interview but have got equity in my house to deal with so maybe I'll have to go in.
Do you know much about the interview??
They can't take away your smile!! |
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