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paulgm_2000
Starting Member
49 Posts |
 Posted - 20 January 2011 : 12:41:22
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Hello everyone,
I was made bankrupt in October 2010 and was told my bankruptcy was relatively simple as I only had a very short telephone interview(20 mins) and didnt have to see the judge.
As everyone does, I have been hoping to get early discharge(but not relying on it!). Given the new rules that have been implemented recently, what appears to be the tightening of reasonable expenditure and the fact the the Insolvency services seems to be overstretched - do you think that the likelyhood of early discharge will be far lower now?
I would imagine the early discharge process for an Official Receiver would create more work for them? Or would it be more in their interests to discharge people earlier and remove them from their books as it were?
Not too bothered either way what happens but it would be nice to get ED!! :)
Many thanks |
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moodybluetwo
Junior Member
156 Posts |
Posted - 20 January 2011 : 12:57:47
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| I think the IS will now try to see bankruptcy out full term (12 months). That way they have got more chance of getting an IPA/IPO if eventually things improve for the bankrupt. |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 20 January 2011 : 12:58:37
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Hi Paul
it varies from office to office.
I read on the forum and aware of people getting ED after 6 months, then someone in another area with a situation that appears simpler doing the full 12 months (sounds like prison).
I think that onus from OR may be on what money can be brought in, £0 IPA and potential equity in property will be targets.
it seems weird to me that if their is potential money in the estate the insolvency service pass the file onto a trustee to collect the money rather than do it themselves, after trustee expenses the pot must look rather empty again.
anyway Ill get off soap box, Paul, both my wife and I had the full year it went really quick.
it was a good year No creditors giving hastle, phone was very quiet subsequently stress levels came down and it gave us the chance to take stock of our lives.
regards Richard |
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paulgm_2000
Starting Member
49 Posts |
Posted - 20 January 2011 : 13:10:24
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Thanks for your comments. To be honest the first 4 months or so has gone really quick as I've been planning my wedding in May plus I'm now an usher for my friend in July!!
I've been in a DMP for 18 months then an IVA for a further two years so just want to get it over with now really!
People will frown at this but I am currently holding off trying to get a better paid job through fear of another 3 years of scrutiny in an IPA. We will be trying for a baby later in the year so every penny will help of course!
That said have slowly come round to the idea of just going for any job as the availability of jobs is very bad at the moment! May also use the time to retrain.
Be interesting to know other peoples experience of their 'year in banrkuptcy'. |
Edited by - paulgm_2000 on 20 January 2011 16:27:00 |
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debtinfo
forum expert
2826 Posts |
Posted - 20 January 2011 : 17:58:53
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As richard says, it varies from office to office, It is the long term plan to get rid of ED altogether but at the moment it is still an option and is still being processed.
BTW Richard, you asked about the OR passing cases to trustees, just wanted to add that the OR gets paid first, The Trustee may charge a lot of fees but they only get paid if there was money after the OR and SOS fees |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 20 January 2011 : 18:09:43
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learning point thank you
SOS fees ? (secretary of state ? )
Richard |
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debtinfo
forum expert
2826 Posts |
Posted - 20 January 2011 : 18:36:34
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| Yes, Secretary of state |
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 21 January 2011 : 00:13:06
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Hi Paul,
as you noted, the ED process does create more work for the OR in administering it, which is why eventually it probably will go, and anyway, previously you only received an IPOQ for ED, but under the new rules an IPOQ will now get sent out prior to AD.
Big Al
Insolvency examiner with the Insolvency service from April 2008 - July 2010.
If you need help completing SOA's(statement of affairs) or PIQ's(preliminary information questionnaire) if you've been declared bankrupt, or anything else and you're within 30 miles or so of Warrington, then please contact me via my contact details in the expert page for futher details"
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One for the experts! RE: ED and new rules
