Hi, sorry for asking so many questions. I am going bankrupt very soon and have a query after reading some comments on this site. I stopped paying my mortgage last Septemeber but continued to pay my secured loan and paid my money every month throught a Debt Management company. My reason for this was that my soon to be ex-wife decided to hand her notice in (a long story)and I could not afford all the payments. We were in the process of selling some land to building developers and hoped that the sale of this and our house would pay off all our our debts. However the recession hit and developers put things on hold etc. By February I realised we would get repossessed (was trying to last until land sale), and also realised I would have to go bankrupt so I stopped paying all of my debts so I could save up the deposit required on a rented property for myself and kids (who I have 50% of the time), also I had to but the basics for the house such as bed for my son, a freezer etc (cheapest ones possible) as my wife and I went our seperate ways. Since then I have been saving up for BR which I can now afford. Do you think that I will get a BRO / BRU because I took so long to go bankrupt / or because I paid all my creditors except my mortgage company - who should get all their money back from the house sale anyway / or because I spent about a few hundred pounds on moving in?
Favouring creditors is something that a BRU can be implemented for but it will be up to the OR whether they feel this is a strong enough case.
The length of time taken to declare BR or using some money to pay for a deposit shouldn't be a major issue.
During the interview you can tell them exactly why you stopped paying the mortgage.
As with most dealings with the OR there are very few things set in stone so it is going to be pretty impossible to say for sure whether you will or won't get a BRU but I would just explain it as you have done here.
Although a BRU is not a good thing it's not the be all and end all that people seem to think. Yes, it's best to avoid one if you can but even if you get a BRU you will still be in a better position than you are now with creditors phoning all the time, sending letters, etc.
Do you think that I will get a BRO / BRU
Posted - 02 July 2009 : 11:29:22
