I'm sure this is something I should already know but can't seem to find it on the forum anywhere so sorry if I sound like an idiot What is a Bankruptcy restriction order and what does it mean to the bankrupt? I'm thinking of things like does it affect discharge dates? What about any assetts obtained after the discharge if a BRO is in place? How likely are people to get a BRO?
A Bankruptcy Restriction Order or Undertaking holds the bankrupt under the restrictions of Bankruptcy for an extended period of 1 to 15 years depending on the severity of the offence.
You will still be discharged from Bankruptcy, but as I said under the restrictions of Bankruptcy.
It would not change an IPO/IPA this would still only last for 36 months and after acquired assets will not form any part of the Bankruptcy, bearing in mind you can not borrow more than £500 without disclosing that you are subject to a BRO/BRU.
How likely you are to get a BRO/BRU will depend on the details of your case, they will look at your conduct on the lead up to your Bankruptcy and also your conduct during your time as an undischarged Bankrupt
If you inherit whilst you are undischarged, then that money will form part of the bankruptcy estate and you will need to hand it over to the Trustee within 42 days of receipt.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com
BRO question?
Posted - 18 May 2008 : 18:41:59
