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zchr1
Junior Member
196 Posts |
 Posted - 26 March 2008 : 16:29:06
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| I am at the point of going forward with bankruptcy, but am feeling totally humiliated and terrified about what the OR will think of me.I know I have to give reasons for the mess I'm in, and to be honest sometimes there aren't any reasons, just total stupidity on my part. I don't know how I can go along and expect the OR to understand my mess at all, when to be honest I look it over and it's just as confusing to me. What do I do? |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 26 March 2008 : 19:07:19
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Hi Zchr1,
What you have to remember is the OR see's situations similar to yours on a daily basis.
I doubt you will have anything they haven’t seen before and you will find the process very methodical with little emotion from their part.
If you give me a bit more background as to your situation I may be able to calm these fears
All the best,
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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AlanO
Junior Member
United Kingdom
259 Posts |
Posted - 26 March 2008 : 23:02:40
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Hi Zchr1,
They are human and respond like you or I - if you are cooperative then they will assist as much as they can. They have guidelines to follow and a duty of care to both you and the creditors.
The three key areas that will be discussed are your assets, your income and expenditure and the debts - primary when they occurred, what they were used for, when last paid and if regular payments what amounts. I find it usual to have these details noted down - pencil marked on your copy of the statement of affairs
All the best alan
www.debtdr.co.uk
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zchr1
Junior Member
196 Posts |
Posted - 27 March 2008 : 10:01:17
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| I've had debts since I was student and coped for some years. Last year things got too much and I suppose that's when it all went wrong. I went into the acting world after my degree and that was the main reason for all this mess. Not earning enough, borrowing to survive. I'm just worried anout what to say as to 'why' I'm in debt and why I let it get so bad. |
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pix1
Average Member
689 Posts |
Posted - 27 March 2008 : 10:20:49
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| I was full of trepidation in the run up to my telephone interview with the Examiner at the OR's office. It may well be a telephone interview you get, by the way, not face to face. They just go through the statement of affairs line by line section by section and ask you about each item. They are interested in when a loan was taken out - I think the longer ago it was the less of a dim view they take. I had £1700 in gambling debts and put that down. He was quite unemotional throughout except when I stated we went on a holiday last year and he did not seem too happy about that. It's been a month since and I have not been contacted again since, excpet i did update with a couple of letters re my statement of affairs. Maybe it will turn nasty at a later date, I don't know. Just need to trust in the process and show humility for the situation you are in whether you feel at fault or not. Need to learn from it, of course. |
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Helpful Advice
Average Member
United Kingdom
646 Posts |
Posted - 27 March 2008 : 20:41:35
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Hi Guys,
Pix1 unless anything untoward comes up then you probably won't hear anything else from them, unless of course you are looking at an IPO/IPA, and although I don't know the full in's and Out of your case it doesn’t sound like you have done anything that, as Julian says, they haven’t seen before.
Probably 60% of my clients take a holiday before declaring themselves Bankrupt, some see it as an end to the problems a de-stress before they go through the process, others think that they won't be getting a holiday for three years i they get an IPO/IPA therefore make the most of it whilst they can.
Hope this helps
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my story at:
http://www.bankruptcyhelp.org.uk/forum/topic.asp?TOPIC_ID=594
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melanie_giles
Senior Member
1191 Posts |
Posted - 27 March 2008 : 22:21:17
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That is an interesting statistic you quote Brett! How many clients do you see on average each year?
I very rarely see that people have taken holidays in the couple of years leading up to their financial difficulties. Most of them have been living on a breadline for so long, and struggling to meet even the basic living expenses whilst barely managing unaffordable debt repayments.
Do you really thing that such a large proportion of your portfolio have taken, what some professionals might view, as irresponsible borrowings in the knowledge that they would not be able to pay the money back? |
Edited by - melanie_giles on 27 March 2008 22:21:48 |
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Helpful Advice
Average Member
United Kingdom
646 Posts |
Posted - 28 March 2008 : 08:50:20
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Hi Melanie,
In a majority of my cases, I deal with couples, involving a non Bankrupt spouse.
I have always found that this is the person who tends to loose the most in Bankruptcy as 9 times out of 10 they were not even aware of a problem until it is too late.
I did not say that the holiday was paid for from borrowings, as you say, this has a level of irresponsibility about it.
Without going into the full details of cases the non Bankrupt spouse is the one whom tends to pay for the holiday, and there is nothing irresponsible on the Bankrupts part if someone else is paying for a holiday.
As you said most of the people have not taken holidays in a few years and will not look to take one for the foreseeable future especially if they are subject to an IPO/IPA.
I understand PIX1's case is slightly different, in that his wife is looking to declare Bankruptcy as well, However I think you will find in many cases debtors have incurred some sort of expense towards a holiday of some description even if it was in the time when they were managing repayments, and it was my intention to identify that when looking into how the debts where incurred and on what, the examiner would have seen this situation many times, and although their is a level of irresponsibility about the holiday I don't personally feel this alone would involve the making of a BRO
I hope this explains my earlier post Melanie and I can fully understand how it came across after reading your post.
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my story at:
http://www.bankruptcyhelp.org.uk/forum/topic.asp?TOPIC_ID=594
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melanie_giles
Senior Member
1191 Posts |
Posted - 28 March 2008 : 22:47:05
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I am grateful for your clarification Brett. It is again an interesting statistic to note that 90% of the partners of people you advise are unaware of their partner's debts. I rarely see this in my own portfolio of IVA and bankruptcy cases, but do accept that it can happen.
I once dealt with a lady who had spent £7k on a holiday six months prior to her application for bankrutpcy, and the District Judge refused to make an order on the basis that she had been reckless and could afford to propose an IVA! |
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Helpful Advice
Average Member
United Kingdom
646 Posts |
Posted - 29 March 2008 : 18:14:09
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Hi Melanie,
9 out of ten times is one of my signature sayings, which I must admit tends to drive my staff crazy, however I would defiantly say that in the majority of my cases the spouse is unaware of the severity of the problem, or as I said before, that there is a problem at all.
I think the reason for this is I mainly target business owners whereby either they have a failed business with DPG's or sole traders and it seems that those clients where a business is involved tends to keep the business dealings from the spouse.
That sounds a bit harsh on the Judge's part, but if she could afford to contribute to her creditors in the form of an IVA, I can understand the reasoning.
Have a good weekend.
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my story at:
http://www.bankruptcyhelp.org.uk/forum/topic.asp?TOPIC_ID=594
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indy2005
Junior Member
458 Posts |
Posted - 23 May 2008 : 01:23:36
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We went to EuroDisney in Feb and I went Bankrupt in May. We didnt go to EuroDisney because I was going BR.
Wife paid on her credit card, and paid for the holiday over the next few months with huge payments from her salary.
We have two small children, and wanted them to enjoy themselves.
My salary pays most of the bills, and it goes into my DMP. My wife pays for the nice things.
Sure, perhaps my wife should be throwing all her salary into my DMP, but then we would be debt free in 8 not 10 years...and the kids would be grown up with a horrible childhood.
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Total humiliation
