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kum
Starting Member
3 Posts |
 Posted - 11 February 2009 : 11:22:36
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Hi experts,
I am new to this forum and have few queries. I did BR in Aug''08 in court and completed the telephonic interview along with the personal interview with OR. With what I understand, OR asked me some proof of my financial documents for last 02 yrs, which I didn''t have and had requested my banks for duplicate and submitted the same. I am again told to visit OR office tom and might declare either my discharge from BR or introduce me to BRO taking my final statements.
Would you please tell me:
a) Whether the OR will announce BRO or discharge tomorrow?
b) If BRO imposed on me what is my next step? How long it would for? What are the drawbacks and restrictions?
c) I am not currently working but am dependant on my partner, can I start working?
e) Can I relocate to other property or country for work in EU or states?
f) What will happen to my credit file, can I apply for mortgage to buy home next year 2010 bringing deposit money from other country?
g) How long will it take for my credit score file to be in good shape? When can I become to the financial system?
h) Can I start a business?
i) My partner is not BR and will he get affected with my discharge to BR or BRO?
oops..hope i''ve put many questions...thanks in advance and am sure your advises in the forum helped me much and i thoroughly appreciate it.
Thanks again,
Kum
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 11 February 2009 : 13:11:03
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Hi kum and welcome to the forum.
I'll try and answer your questions in order:
a) I don't know if the OR will deal with a BRU/O or your discharge tomorrow. For you to get early discharge the OR would send you a new I & E to complete and then ask your creditors if they have any objections. Regarding a BRO, the OR would have to give you the option of a BRU (undertaking) before applying to the court for a BRO.
b) If you get a BRU/O you will be subject to the same restrictions that you are as an undischarged bankrupt. It can last from 2-15 years depending on the severity of the case.
c) You can start working whenever you like. If you have more than £100 a month surplus income (after your essential outgoings) you may get an Income Payment Agreement. This lasts for 36 months from the date of the first payment and you only pay a percentage of your surplus income - 50-70%. There is a table in my blog showing how much you could expect to pay.
e) Yes you can relocate, but you would need to advise the OR of your new address so that they could contact you.
f) Your credit file will be ruined for 6 years from the date of your BR. I think you would struggle to get a mortgage before the BR drops off your credit file. I don't understand what you mean by 'bringing deposit money from another country'. Will the deposit be funded by a friend or relative in that country?
g) As I said before your credit file is ruined for 6 years from the date of your BR. You can apply for a bank account before that, but some banks like the BR to have dropped off the file before they will open an account.
h) I don't know, hopefully one of the experts will be able to advise.
i) Your partner won't be affected by your BR unless you have any joint debts.
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/
20 IPA payments made, 16 to go - on the home straight! |
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pix1
Average Member
689 Posts |
Posted - 17 February 2009 : 11:41:56
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What makes you think the proposed meeting with the OR is to discuss a BRU/BRO?
Have you received a letter stating that such ameeting for that purpose is intended?
Please read through this section from the IS website. It seems to suggest that you sohuld have received a letter before any meeting to discuss a possible BRU/BRO;
How will I know if the official receiver intends to apply for a BRO against me?
a) Notice of intention to apply for a BRO
If within 9 months of the bankruptcy order the official receiver has finalised his report to court in support of an intended application for a BRO, he will write to inform you that he intends to apply to the court for a BRO but has not yet done so, allowing you 21 days to respond to the allegations outlined in his report.
If you accept the official receiver's allegations, you may offer to enter into a Bankruptcy Restrictions Undertaking (BRU). This has exactly the same effect as a BRO but does not involve going to court. Because you are admitting the unfit conduct, the period of the BRU is likely to be shorter than if the court made a BRO. You will have the opportunity to put your comments to the official receiver, which may further reduce the period. By entering into a BRU, you will also avoid having to attend a court
hearing.
If you do not respond within 21 days to the official receiver's letter, he will apply to court for a BRO and send you a letter telling you that he has done so. The letter will include a copy of the application to court, the report, and supporting evidence giving details of the alleged misconduct. It will inform you of the hearing date and of the period that the official receiver
suggests would be appropriate for the BRO to run.
You will be asked to acknowledge receipt of the documents on a form that you should return to the court within 14 days.[/b]
If the OR has not written to you regarding the possibility of a BRU/BRO then the meeting might be about something different.
Did the OR write to you? Sorry if I have missed anything. |
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BR discharge or BRO?
