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Gary Neill
Starting Member
United Kingdom
7 Posts |
 Posted - 28 July 2009 : 10:05:57
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| It looks like I'll be going bankrupt for the second time( I was discharged from the first BR in Aug 2004). Is the system more damning for 2nd time bankrupts? |
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xmas baby
Average Member
537 Posts |
Posted - 28 July 2009 : 11:28:53
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Hi Gary,
Not really sure how they look on 2nd time bankrupts, but I have read from previous threads, that you could well get a BRU or similar.
Don't quote me on that though.
xmas baby |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 28 July 2009 : 12:12:43
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I think the judge will want to know why you are back in the same position again.
The glimmer gets brighter all the time
Jan
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 28 July 2009 : 12:25:21
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| If you are declaring BR for the same reasons as before then you may end up with a BRU but that is the worst the OR can do. |
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mick1972a
Junior Member
235 Posts |
Posted - 28 July 2009 : 19:43:29
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Can I just ask how you can go BR in such a short space of time for the seond time.
I thought it was hard to get credit for the first 6 years after being bankrupt.
Good luck anyway.
Mick |
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Jetstar125
Starting Member
United Kingdom
5 Posts |
Posted - 28 July 2009 : 20:41:55
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Thanks everyone.
Firstly, what is a BRU?
Secondly, I was fortunate to get into property and expanded very rapidly. Of course it's all gone badly wrong, negative equity, absconding tenants and rental agents witholding rent who have since gone bust, what a cocktail!
Gary |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 28 July 2009 : 20:50:30
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A BRU is a Bankruptcy Restriction Undertaking. This means that although you are discharged from BR you are subject to the same restrictions (no credit over £500, can't do certain jobs etc). A BRU can last for up to 15 years for the most severe cases.
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/
24 IPA payments made, 12 to go - on the home straight! |
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debtinfo
forum expert
2826 Posts |
Posted - 28 July 2009 : 21:31:01
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| Hi, as you were discharged in august 2004, you became bankrupt prior to April 2004 when the enterprise act came in to force. This brought with it a change in how the OR dealt with misconduct. This means that you are lucky and a BRO/BRU cannot be considered in your case as one was under the old rules and one was under the new rules |
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going bankrupt for the second time
