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tracy
Junior Member
United Kingdom
184 Posts |
 Posted - 16 March 2008 : 21:43:54
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| does anybody know how long it is before you are disharged from bankruptcy is it one year or does it vary for different circumstances |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 16 March 2008 : 22:43:10
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Hi Tracy
Discharge from bankruptcy is now automatic in 12 months - unless you don't cooperate with the official receiver or have been involved in fraud etc.
If you are currently in an IVA then the creditors and the Insolvency Practitioner that is supervising the IVA have already checked out your situation and are satisfied that nothing untoward has occured.
However you might be liable for an Income Payment Agreement - this is where a percentage of your disposable income is paid to the Official Receiver and this lasts for 3 years.
This IPA represents your true disposable income so you need to think carefully about all your monthly costs
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
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AlanO
Junior Member
United Kingdom
259 Posts |
Posted - 16 March 2008 : 23:33:23
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Hi Tracy,
The automatic 12 months dicharge is pretty standard, unless there has been wrong doing, gambling, betting or non cooperation with the OR in such cases the period can be extended by a number of years.
However if you are cooperative and the OR concludes all enquiries then an early discharge can occur which often can be as short as 6-8 months.
As Paul mentioned if there is an IPA then this will last for 3 years, even though the Bankruptcy is likely to be discharged in a shorter period.
All the best Alan
www.debtdr.co.uk |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 16 March 2008 : 23:48:24
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Fo some reason the time taken to discharge seems to be more relevant to where you live and how busy your official receivers office is rather than on your personal situation.
Hope this helps
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
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Helpful Advice
Average Member
United Kingdom
646 Posts |
Posted - 17 March 2008 : 15:49:12
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Hi Tracey,
As the others have said 12 months is the standard discharge time, however as Alan says this can be reduced if you cooperate with the OR and there has been no wrong doing prior or during you period as an undischarged bankrupt, if there has then the insolvency service will look to obtain a Bankrupcty Restriction Order (BRO) This could last up to fiftenn years depending on the severity of offences.
It works in three tiers.
Tier 1 = 2-5 years, for those who have been bankrupt within the last five years, or for those who have minor offences.
Tier 2 - 6-10 years, for those that have behaved wrongly towards their creditors or not cooperated with the OR.
Tier 3 - 10-15 years, for those that have committed fraud.
Hope this helps
View my Blogs at:
http://HelpfulAdvice.blogs.bankruptcyhelp.org.uk/
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
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pix1
Average Member
689 Posts |
Posted - 19 March 2008 : 21:18:41
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| If you have put down gambling of £1700 on the petition would this in itself automatically result in a BRU or BRO? If so, how long? |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 19 March 2008 : 21:27:27
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No I would not expect this to be a problem and this would be included in the standard 12 month period.
Gambling of 500,000 might be viewed as being reckless and have a different outcome
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
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Helpful Advice
Average Member
United Kingdom
646 Posts |
Posted - 19 March 2008 : 22:05:54
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The rule of thumb in Bankruptcy is that your gambling debts do not exceed more than five percent of your overall debts.
Hope this helps
Kind Regards,
Brett England
View my Blogs at:
http://HelpfulAdvice.blogs.bankruptcyhelp.org.uk/
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 19 March 2008 : 23:43:33
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Hi pix
think your question & answers are continued on your thread
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
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Topic |
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how long does discharge last for
