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debtrider
Junior Member
494 Posts |
 Posted - 21 January 2010 : 11:16:30
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I was discharged from bankruptcy on 20th October 2009. Does it matter now if put a substantial amount of money in my bank account. Can the OR still take any money from me now.
debtrider |
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chester2005
Average Member
United Kingdom
786 Posts |
Posted - 21 January 2010 : 11:44:12
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If you have an IPA then if your income changes you should tell the OR but if you come into money another way ie. Lottery or inheritance . No problem the OR cannot take it
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurman)
RevivaUK helped me through it all i can't recommend them enough!! |
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debtrider
Junior Member
494 Posts |
Posted - 21 January 2010 : 12:01:03
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I am not subject to an IPA. I have just been given some money towards buying another car, so I am going to put into my bank for safe keeping until I am ready to purchase it. Just don't want the OR saying that he wants it.
debtrider |
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chester2005
Average Member
United Kingdom
786 Posts |
Posted - 21 January 2010 : 12:19:01
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if you have no IPA your financial affairs and the content of your bank accounts and where the money came from is your business alone completely safe from the OR
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurman)
RevivaUK helped me through it all i can't recommend them enough!! |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 21 January 2010 : 12:42:18
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Hi Chester and debt rider
chester well done on 500 posts and 3 star "general"
just clarifying in my own mind
In general terms and not specific to this posting, Am I right in thinking If the OR believed that their was substantial misconduct and the the money had been hidden during BR they would reopen case and bring you back into BR.
principle of law, pressumption of innocence until prooved otherwise
so if you can (as i am sure that you can Debt rider) proove that the income was gained after you were discharged, the OR would not be able to have any claim on the money.
regards Richard |
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chester2005
Average Member
United Kingdom
786 Posts |
Posted - 21 January 2010 : 13:59:54
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richard thanks and yes if the OR believed that money was hidden from him then he could come back for it , however the question is how would the OR know in the first place if you had money in your account now???
realistically only if you owed eg. the window cleaner in BR and he noticed 12 months later that you were driving a new car, he might call the OR and complain causing the OR to consider investigating
if you can prove where the money came from legitimately if you had to then there is no problem.
its not like the OR keeps track of people or their finances after discharge, he has enough to do with the undischarged clients
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurhman)
RevivaUK and Paul Johns helped me through it all i can't recommend them enough!! |
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debtrider
Junior Member
494 Posts |
Posted - 21 January 2010 : 15:35:14
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In answer to Richard P suggestion that I may have hidden the money and can I proof where the money came from. This money was given to me as a gift and there is no paper work to proof this. Why should I have to proof to anyone where this money came from. I am now a discharged bankrupt and should be allowed to have control over my own finances without interference.
If I am going to be questioned over this then I will take the money out of my account and hand the gift back, but will there ever come a time when I place more money into my account without Suspicion. Is there some sort of time limit after bankruptcy that you can still be questioned about your finances, if you place a substantial amount of money into your bank account as Richard P suggests.
When I say substantial amount I am talking between 5000 and 10000 pounds.
debtrider |
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chester2005
Average Member
United Kingdom
786 Posts |
Posted - 21 January 2010 : 16:03:07
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if snd only if the OR became aware of your gift surely all you would need to do it get the person who gave you the money to admit that they gave it to you and then there would be no problem
generally the OR would only become aware if informed of it
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurhman)
RevivaUK and Paul Johns helped me through it all i can't recommend them enough!! |
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memphisd56
Junior Member
United Kingdom
112 Posts |
Posted - 22 January 2010 : 12:41:44
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So...a question for the experts then, and final clarification.
At what point does the O.R have no futher interest in your affairs?
i do understand that if you are discharged early, you still have obligations to the O.R, if further information is needed.
Does this end after the full 12 months?, or can the O.R ask questions, after the full year??.
This point keeps coming up.... |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 22 January 2010 : 12:59:25
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Hi debt rider
my comment was not made / meant as a challenge, if it read like that i apologise.
i did not fully understand a point and requested clarification, chester has answered and given me the right direction. In hind sight i should have posted it as a seperate question or thread and not linked with your thread
regards Richard |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 22 January 2010 : 13:35:02
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Hi
Just been looking at the threads and make a brief comment as I understand the law on discharge of BR:
As a discharged bankrupt you are free from your bankruptcy debts and free from the restrictions of bankruptcy. If a bankruptcy restriction order or bankruptcy restriction undertaking is in place then the restrictions of bankruptcy will continue even after discharge. This can be between 0 - 5 years, 5 - 10 years and 10 - 15 years, depending upon the "severity".
If you have an IPA then that will (normally) run for three years so that will, by definition go beyond the period of discharge - i.e. automatic at 12 months.
You wil receive a certificate of discharge - this is obtained from the county court from which the BR was petitioned. There may be an admin charge I am given to understand.
You would, I imagine, have to have declared the windfall if you had an IPA in place. You say that you do not have one in place.
It therefore follows that the windfall is yours to keep and to buy your car!
I would add that any discharged BR has a duty to co-operate with the OR even after BR - the admin of the estate could go on after the period of discharge.
I hope this helps - it is sometimes healthy to have different views on the forum and I am sure on looking at the theards that no-one is feeling bad at the various exchanges.
I am sure all comments are made in good faith.
Regards to all and to you upon your discharge for a debt free life hereafter  Regards, Richard Parry
"Life is generally something that happens elsewhere" (Alan Bennett - author and one of my best heroes!!) |
Edited by - Housing on 22 January 2010 13:36:43 |
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debtrider
Junior Member
494 Posts |
Posted - 22 January 2010 : 16:29:41
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No offence was taken in Richard P Comments, it's just that as he suggested I thought I was being challenged as to where I got my money from.
There seems to be a lot of different opinions on this subject. Where does the law stand with respect of being investigated after bankruptcy discharge and under what circumstances could this happen.
I thought the whole idea of the Enterprise Act 2002 in discharging bankrupts after 12 months (unless any irregularities were found) was to give individuals a fresh start. What does discharge actually mean if you have big bother looking over your shoulder looking at your financial affairs.
As Chester2005 said the OR as enough to do looking into undischarged bankrupts affairs without looking into the affairs of discharged bankrupts.
Going back to my original question as to whether the OR could look into any extra money I might deposit into my bank account (that was given to me) after my discharge. I could have put the money under my mattress but I thought it would be safer in the bank.
The OR as 12 months to investigate your financial affairs. After 12 months you cannot get a IPA or BRO, so why should further investigation be necessary. Discharge should mean you should be able to look after your own financial affairs without interference.
I can probably understand a discharged bankrupt after 12 months living in a mansion and driving around in a rolls royce, if found out being investigated. In saying that the bankrupt may have won millions on the lottery the day after being discharged (I can only dream) so they can do what they like with their money.
I may be making too much fuss over all this, but everyone seems to be unclear about the rules on all this.
I have looked at the insolvency register and it clearly states that I am a discharged bankrupt. I am not subject to an IPA or BRO. So I am of the understanding that I can now look after my own financial affairs and place as much money as I want into my bank account. Whether it is from my self employment, gift or windfall without any interference from anyone.
Please Correct me if I am wrong.
Debtrider |
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RHB
Senior Member
1159 Posts |
Posted - 22 January 2010 : 16:47:51
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| You are right BUT if it was thought that the money had been hidden during bankruptcy then yes, the OR would have the right to pry into your affairs. |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 22 January 2010 : 16:47:57
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Hi again debtrider,
I believe what I said in my thread is where you are and I think that is what you feel too.
What may be helpful, I guess, is a coment/view from one of the insolvency experts - my expertise is really only to do with "housing" and "housing law".
I am not a lawyer (did not do my final exams!) and my comments are therefore from what I have understood and read and are said in good faith.
I am sure that you are now fine to do with your money as you wish (within the law) of course.
Enjoy! Best regards,
Richard Parry
"Life is generally something that happens elsewhere" (Alan Bennett - author and one of my best heroes!!) |
Edited by - Housing on 22 January 2010 16:48:41 |
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debtrider
Junior Member
494 Posts |
Posted - 22 January 2010 : 17:08:07
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Again I am not talking about hiding money away from the OR. I am talking about putting money into a bank account once you are discharged.
If the OR is going to investigate all discharged bankrupts bank transactions, then they are in for one hell of a job.
Maybe the OR should visit every bankrupts home to see if they have any money hidden away.
The point I am trying to make is can you carry on with your financial affairs as normal once discharged.
debtrider
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chester2005
Average Member
United Kingdom
786 Posts |
Posted - 22 January 2010 : 17:14:57
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in a nutshell YES
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurhman)
RevivaUK and Paul Johns helped me through it all i can't recommend them enough!! |
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money after discharged
