I just stumbled on this site while frantically searching for information on Bankruptcy and am already feeling a great sense of relief by reading some of the posts which have answered some of my concerns.
I'm new to this and while reading forums I have seen terminologies that I dont know.
Could someone let me know what are: BR0 BRU IPA BI
Hi Rotts, Welcome to our gang! You will pick the terminology up soon, just keep asking questions and you'll get there. A BRU is a big slapped wrist. It is placed on you for up to 15 years. Although you will still get discharged after a year, you will still be restricted by some of the BR rules. If you contest this and lose you will get a BRO! IPA, not everyone gets one, but if you have some disposable income then a % of it is taken and paid back to your creditors over 3 years. BI, pretty self explanatory, but anything worth money is classed as BI, so someone can buy your share of this rather than the OR seizing it. If your share has a £0 value (ie home is in negative equity) then this can be purchased for a nominal sum (£1) HTH (hope that helps!) TD
Terminologies on the Forum for newbie
Posted - 27 November 2008 : 19:08:28
