Questions you have before making a decision to go Bankrupt and the Bankruptcy process

Moderators: TalbotWoods, JaneClack

By billykeats
#2609 Had my OR meeting today. Didn't see the person I had originally told I would see but nothing was said. Probably their assistant or a trainee as my case is hopefully a simple one.

It took approximately 45 mins. They asked about 20 questions in total including my name or any other name that I may be known as. Asked initially about my car and what it was, what I needed it for, how long I had it and how I acquired it. Forgot to bring the vehicle document with me but didn't request that I send it.

Then looked into my wages which at first I thought I had forgotten my pay slips. They copied them along with the letter from my parents about the rent and contributions. They seemed to smile when they asked for the rent agreement and I produced this letter. There was a little question about the rent as on the letter it stated weekly and on the SOA its in months. They thought I had put too much on the SOA.

Then they went over briefly how I come into such debt. They didn't ask about each individual debt but asked in general how it got so large. I also explained how I struggled to find work and how I received treatment for depression & anxiety for 2 years. Almost having a nervous breakdown.

There wee a few more questions about my work over the years and whether I had acquired the credit cards and loans either in or out of work. Everything I had applied for was while I was in full time work and could afford to pay them. Only when I lost my job did I struggle and used the credit cards to live off.

At the end they got me to read through the answers I had given and sign to say that they are true and then said that provided everything is in order then I will be discharged in a year or earlier. They also said off the record that it could be earlier. Also I must inform them of any changes in wages, address or assets.

There was no mention of an IPO or IPA so I don't know it there is going to be one put in place. I guess I will find out.

Bit more relieved it is over. Now I'm just going to wait for a year or some earlier good news. Fingers crossed

I will keep you informed and I hope this will help other people who are worried about the whole process
#2610 Hi Billy

Pleased to hear it went well. I've also recently had an OR interview and was impressed by how polite and friendly he was. The interview lasted just over an hour, and he thanked me for co-operating and said he wished all cases were as simple as mine!

I think the key thing is just be yourself and be honest.

I hope this also helps reassure anyone who has just petitioned or is about to take plunge.
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By Nicky
#2611 Thanks for sharing your experiences. It really will be an encouragement for anyone else considering Bankrutpcy.

Pleased everything went ok for you both. You can take a breath now :D
By billykeats
#2612 So what do I do know now then? Just wait?

How soon could I hear from them? When will I know if they are putting an IPO or IPA in place? Has anyone been through the same and can tell me what happens now
#2613 More or less, yes - you need to do nothing else. Most people that have to make a contribution do so through an IPA ( arrangement ) rather than IPO ( order - which is made by the Court ). IPO was more for the older style bankruptcies.

This is usually discussed at the initial meeting - do you know roughly how much your disposable income is going to be ?
By billykeats
#2614 There isn't any so I am guessing there won't be one as nothing was discussed. Just wondering what the OR does now. Do they contact the creditors and get information and look at how my accounts have been run lately? Will they contact my parents with regards to the rent letter to confirm? Just interested as to what happens now
#2615 To be honest, from my own experience which is I understand fairly typical, nothing else will happen now - it is out of your hands. They will contact creditors but this won't involve you any further.

After approx 3 - 5 months you will most likely receive a letter from the OR asking them to confirm your income etc and whether anything has changed and then, if you are a straightforward simple case you are likely to receive an early discharge.

There is little else to worry about so, erm, don't :)
By billykeats
#2616 Thank you. It just seemed like something was missing when nothing was really said yesterday

I can relax and enjoy christmas now
#2617 Again, from experiencve, it is sometimes quite an anti climax !
#2618 Hi again Billy

I'm sure Vanessa's advice is spot-on. I have some surplus income am going to have an IPA, which was agreed with the OR at the interview, so if you had any/enough surplus income this would have been discussed at your interview. Unless your circumstances change and you are legally oblidged to tell the OR within 21 days you don't need to do anything.

Dunno about you - but I am looking forward to the first Christmas for a few years where I won't be waking up in January with a headache about credit card bills!
By billykeats
#2619 Thank you

As Vanessa said it all seems like an anti-climax after getting stressed over it all . Wish I had done it sooner

I am looking forward to the rest of my life debt free and spending my life with my girlfriend
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By JaneClack
#2641 Nice for you all to be free of debt for 2005, isn't it? And discharged by July probably too. Best of luck to you all.