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dazed and confused
Junior Member
United Kingdom
475 Posts |
 Posted - 01 August 2008 : 21:12:00
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Dear Forum
I am considering petitioning for my own BR. I have £45,000 unsecured debt. My main crditors are Coop, HSBC, Egg and Student Loans Co.
I have been thinking about an IVA or a DMP too as I see BR as a last resort, but I will be going to Canada for a year, possibly longer, in January 2009 and am hoping to eventually emmigrate to Canada. I do not feel that I will be able to live in Canada and still pay into an IVA / DMP in the UK therefore I think BR will be my only option in the end, either after trying an IVA / DMP or just straight away.
I have spoken to quite a few IP's / Debt Management Co.'s now about IVA's / DMP's so feel I am pretty clued up about them, but I have a few concerns about BR which I was hoping someone may be able to clear up for me:
1. I saw a thread by someone earlier about 'Bankruptcy Orders' - what exactly is a BRO? Is it where someone may be forced to continue paying the OR for up to 15 years? What would make someone have a BRO? I am a little concerned that the OR may think I have been a little reckless / frivolous to have got so much debt as I have very little to show for it. The most valuable thing I own is my car which is only worth about £1,500 max.
2. If I were to declare myself BR say next month (Sept. 2008), should I tell the OR of my plans to go out to Canada in January 2009, or is it irrelevant at the moment?
3. Would it look better from the OR's point of view if I were to enter into an IVA / DMP first before BR to show that I have made an effort to solve my debts before BR, or is this just a waste of everyone's time?
I hope someone may be able to answer these questions for me - I am sure I will have more to come in the next few weeks!
Cheers! |
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BankruptC
Senior Member
1030 Posts |
Posted - 01 August 2008 : 22:14:22
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Hi dazed and confused,
I'm by no means an expert-just going through BR ourselves, but I have read around alot and keep asking LOTS of questions, so I'll have a go at answering your questions to the best of my knowledge.
1. A BRU is a Bankruptcy Restriction Undertaking and a BRO is a Bankruptcy Restriction Order. You can get one of these if the OR deems you to be to blame in some way for your BR, eg if they feel you took out credit with no real prospect of repaying it. There are various other reasons for getting these and you can do a search for them at http://www.insolvency.gov.uk/databases/ddirector/brobrusearch.htm to give you more of an idea. Basically you are still discharged from bankruptcy after the normal 12 months, but for the term of the BRU/BRO (from 2-15 years depending on severity of misconduct), you are still bound by the restrictions of bankruptcy, ie not being able to hold certain positions etc. The difference between a BRU and a BRO is that if you agree to the OR's view, you will be given a BRU and it could be cut shorter because you agreed, whereas if you don't agree, the OR will take it to court to enforce it and it becomes a BRO, and will not be cut shorter.
2. There have been various posts about people who plan to move abroad after declaring BR. The answer from the experts seems to be that it doesn't matter, as long as you give the OR an address to contact you on while you're away.
3. I'm not too sure about this one, but I seem to remember there was an earlier post about this, in which an expert said it wouldn't make any difference to the bankruptcy if you had entered into an IVA beforehand. You are absolutely right to check your options first, as it's important you choose the right option for your particular circumstances.
Hope that helps somewhat. As I said I'm no expert but that's the info I've gathered from my reading. I'm sure one of the experts will correct me if I'm wrong or I've missed anything out, but just bear in mind the board can get quite quiet over the weekend.
Take care and good luck with everything.
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dazed and confused
Junior Member
United Kingdom
475 Posts |
Posted - 01 August 2008 : 23:54:11
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Hi!
Thanks for all your info.!
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