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

Moderators: TalbotWoods, JaneClack

By mrsmith
#4208 Hi,

I was declared BR in Dec. To date I have submitted all my statements, details of assets etc to OR the first week in Jan. All credit card debt.

I've has letter from OR advising I can keep my car and negitiations have started to purchase beneficial interest. I've got my NIL tax code and am sending the cash to the OR. I've opened up my cashminder a/c.

Credit card and bank statements have began to dry up and my details are on the Insolvency web site. So everything is progressing 'nicely'.

What I'd like to know is how long is it likely to be before the investigation is complete and I move onto the next step? And what is the next step if all is shown to be as I submitted in my statemement of affairs (which they should be)? I know there will be no definite timescale suggested from anyone, I just wondered what the general timescale to complete investigations are.
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By JaneClack
#4211 It depends on how simple the case is - if you are employed and have provided all relevant information it could be in a couple of months. No one can say if you will receive an early discharge but unless the OR finds something untoward - very unlikely I would have said after three months - what you can say is you will be discharged in December. You will receive an income and expenditure form shortly before that and it may be outsourced to an insolvency practitioner depending on the amount of work the office has. No news at this point is good news I would say.

How did it go re the IPA?
By mrsmith
#4213 Thanks Sarah,

Its about 10 weeks since my BR, I have nothing to hide, so hopefully they won't uncover antyhing untoward.

With regards to my beneficial interest, I was told an offer had to be made and that they would not indicate how much it should be as their role is to make as much money possible for the creditors. If accepted the buyer will be notified, if it is rejected again the buyer notified and can make a further increased offer. They did indicate that 50% equity would be a value to base an offer on, which is what has been done.

Well still no word whatsoever on IPA so am keeping my fingers crossed that they have accepted the fact that I cannot afford to pay one (which I can't). Maybe they'll bring it up again when I'm asked to resubmit an income and expenditure form as you describe?
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By JaneClack
#4216 Sounds as if verything is going fine then and if the budget sheet hasn't changed when they write to you again then you are in the same position as you were originally so if one has not been set by then it is unlikely to be set at that point.