- Mon Mar 31, 2008 3:48 am
Hi - I declared myself bankrupt in June last year five days later I moved overseas. In my case I was unable to give an address where I could be contacted although I was asked. (I went to the Middle East which helped enormously). The OR did require an email address as they want to keep in contact with you. You just can't disappear - they would take a very dim view of this.
Although there is nothing wrong and certainly nothing to stop you going overseas once the bankruptcy process has been started you are legally required to cooperate with the OR until discharged. You could face an IPA and be asked to provide salary details and living expenses.
The bankruptcy process is very expensive - in addition to the money you owe your creditors there are the administration costs, and interest and VAT levied on the sums owed, and in my case this almost doubled the final amount. The OR will look at ways to get this money from you - either through the sale of your property or through an IPA.
My advice would be to cooperate as fully as you can - I did and got an early discharge and
I didn't have to face an IPA.
For me going overseas was my only option - I was otherwise homeless and jobless in the UK and I am far better off now in so many ways.
I thought the UK had some arrangements with countries such as Germany regarding bankruptcy and credit scoring? Perhaps someone else can comment on that.
Everyone's your brother until the rent comes due.