From what I can gather a BRO/BRU really stops you from getting any credit for the duration of it. At the end of the day once you are bankrupt you would have trouble in getting any credit for 6 years anyway. But do we really want to have any more credit after all the stress of going through bankruptcy. The way I see it is main thing we need credit for is probably getting a mortgage, unless you are quite rich and can afford a house outright.
After going Bankrupt it will learn me to manage my money a lot better and only buy things that I can really afford, don’t want to use credit again.
So all the worry of getting a BRO/BRU’s are probably unnecessary. Would I be correct in saying this? Be good to hear from the experts on this one.
For most people it probably makes little difference at all.
The only situations where it would cause problems is professionally, as some professions will tolerate a bankruptcy order but not a BRU/BRU. Also part of the restrictions relate to being a company director, treasurer etc and this can cause some people problems.
I would have thought that it would show up on credit searches also and this has to be a big red flag to any potential lenders in the future.
Is a BRO/BRU such a bad thing
Posted - 11 August 2008 : 10:22:49
