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b_n
Junior Member
194 Posts |
 Posted - 31 August 2008 : 13:13:12
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Hi All,
I've been browsing around the insolvency website and I have the following questions:
* I see some people have BROs and others have BRUs. What's the difference and is one more serious than the other?
* I've heard that when going bankrupt you need to declare the last 6 to 12 months of your SoA to the OR. However looking at the BRO/BRU reports on the insolvency site, there are countless examples were they've gone back 18 and even 24 months. Is this purely at the discretion of the OR?
* I'm a bit put off by the bankruptcy route as I'm unsure how the OR will view my recent financial conduct. Can I discuss this with anyone like an advice/help line or something just to get an opinion?
Thanks one and all ...
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 31 August 2008 : 13:21:27
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A BRU is a Bankruptcy Restriction Undertaking. If the OR thinks you have been reckless you will first be offered a BRU. If you refuse this the OR will apply to the courts for a BRO - Bankruptcy Restriction Order. This is set by the courts and is generally for a longer period of time than a BRU.
When I went BR I was asked to supply the last 12 months of credit card and bank statements but the OR can go back further. I also had to supply copies of my loan agreements, which were older than a year.
If you are concerned about BR you can call one of the professional experts who post on this forum - you will find their contact details in the experts section on the left.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/ |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 31 August 2008 : 13:27:43
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Hey Skippy,
Did i read in your blog that you are also in your old home, paying interest only.
Also did you have equity in the property and will the OR be looking to release it at sometime, i only ask as we have stayed where we are and are paying int only and we have equity and wondered how you were getting on.
Thanks again
Jo
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
You can read my blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 31 August 2008 : 13:37:41
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Our situation was slightly different - the flat we lived in at the time was my partners, and although I lived with him I'd only moved in with him in March 2006. I couldn't pay anything to him as I was paying all my money onto credit cards. I went into an IVA in October 2006, and I still wasn't paying him anything as I couldn't afford the IVA. I only started paying my way after I went BR in March 2007.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/ |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 31 August 2008 : 13:39:00
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Thanks Skippy,
Are you managing ok now though?
Jo
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
You can read my blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 31 August 2008 : 13:46:26
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We are managing at the moment - my examiner was realistic with my figures so I was quite lucky. My OH is a self employed handyman, but at the moment he is still getting work coming in, but if that slows down I might have to have my IPA reassessed.
To be honest, going BR was the best thing I could have done. I'm not saying it's right for everyone, but it meant that I could have a fresh start. Although I tried my IVA there was no way that I could have survived 5 years, so BR was the only option left for me as a DMP wasn't an option. As I could start paying my way it also meant that we could move house at the end of last year - the area we lived in wasn't too good and we had problems with the neighbours.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/ |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 31 August 2008 : 13:59:59
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Oh Skippy,
My neighbours arent that nice, but somehow i tolerate them.
Oh well good luck with everything.
JO
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
You can read my blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 31 August 2008 : 14:12:31
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Ours were noisy and you could hear everything (and I mean everything!). We lived in a block of flats and the people in the bungalows on the estate outside looked down on the people in the flats. I left for work one morning and one woman stood and had a go at me and told me to get back where I belonged!
Good luck to you with everything as well Jo. You will get through it all. I remember thinking that the year would never end, but to be honest it went really quickly. I make my 15th IPA payment tomorrow as well, and that's flying past.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/ |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 31 August 2008 : 14:18:33
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Hi skippy,
Its going quick for you then. Our BR has been a month tomorrow well nearly and i again think its going quickly. I am not worried about moving out of the house yet, its managable and until we have to go then im staying put. I have had enough stress in recent months without having to find a rented place aswell, and as i have said we can just about afford the payments as they are no diff than paying for rented.
Im looking forward to the next 3 weeks going by quickly as we are having our annual holiday and god i need the break. It is a really stressful time and as much as i love my home life and family i need a break too. :)
So lets hope for me the net 3 weeks fly by then i can go away and not worry for a week then come back all refreshed and raring to go.
JO
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
You can read my blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 12 September 2008 : 12:07:17
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Hi BN,
If you need to discuss your situation with someone, please feel free to contact one of my colleagues on the helpline.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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Topic |
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Difference between BRO and BRU
