I am really worried I am filing for bankruptcy in January. Some of my debts are about 6 years old, which include loans catologues, credit cards, overdrafts with 3 banks (i now have a basic only account), howver I have a credit card taht is maxed out a loan with provident and a overdraft and a catlogue which I have taken out in the last 1 and two years. I know it was silly to obtain more credit when I am already in so much debt but I am really worried that the OR is going to accuse me of fraud. When I took out the new credit I thought I would be able to juggle things around but it did not work out like that. Will the OR send me to prison?
The OR won't accuse you of fraud and you won't be sent to prison. If the OR deems you have taken credit when you knew that it couldn't be paid back then they may implement a BRO (http://www.insolvency.gov.uk/pdfs/guidanceleafletspdf/bro.pdf), which will extend the length of the BR restrictions but that is the worst that can happen.
Don't worry about your situation or how you got into debt as we have all done similar things. Provided you haven't taken any credit out in the last 6 months or so before declaring BR you should be fine.
Hi,I am really worried I am filing for BR
Posted - 19 October 2009 : 16:28:59
