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

Moderators: TalbotWoods, JaneClack

By skint1
#4349 Hi

I filed for bankrupcy this morning.
Turned up handed over my forms and money.Told to come bck in 2 hrs to pick up the bankrupcy forms and be sent to OR.
This all went very smoothly,not half as bad as I thought. :)

I was seen by the OR and we started going through the different account ect.
He looked at how much I owed and started to talk about how nearly all of it was incurred since I became ill and my husband gave up work to care for me (and new born son) in 2001.This is correct but only because it has has been consolidated since.

What worried me was that the last 2 loans I took over several years were for debt consolidation and living expenses.He wants a breakdown of exactly where the money went.Eg.how much to each credit card ect.
He said that they would need to do a thorough investigation into it all as I owed so much.
It 75k in total including about 11k of joint debt which will be my hubands responsibility to take on.

I haven't got this information anymore especially for the older one. The last one I can give more details about but not account for all of it.Spent some of on living for a few months and set a bit a side for emergencies.

The debt has almost doubled over last 18-24 mnts trying to keeo up min payments and live.I had buried my head in the sand and got rid of old statements.

What will happen if I can't tell them this info.I don't have bank statements going back that far?

Is it normal for this to happen?

Thanks for any advice.
User avatar
By JaneClack
#4352 Yes, it is and he will be able to get old statements. I really do not think you have to worry as he will be able to see what you have done and he has already become aware of how it built up. The worst is over!!!
By skint1
#4354 Thanks.

I just got a bit worried.
During our discussion I was honest about everything.He saw that several balance transfers were bounced between credit cards belonging to my husband and myself before ,then all going into a loan in my name.
Trying to get low interest rates is something I became very good at.

Then he mentioned about being able to undo transactions and asked me to provide all that info.
I'm sure he is just being cautious,as he didn't know the full picture.

One other thing.The OR seemed to think that if I came into any money in the future.An inheritance for instance(not that I think this will happen)
I would have to give it all up.Even if it was 3 or 4 years down the line.

Under the new legislation is this correct?

Thanks for all your help.
By skint1
#4355 One of the questions I was asked was 'where did I get the money to petition.'
It was one of the first questions I was asked.

I explained it was from family.I was asked to provide evidence of this if possible.

Seemed quiet happy when I said if necesssary I could.

Just thought it might be useful for anyone else to be prepared for this question at an OR interview.
User avatar
By JaneClack
#4356 No after discharge whatever you have is your own!
By skint1
#4365 Thats what I thought.

I did query this,the OR was going to look it up.As he wasnt sure with all the new rules.

It would be a shame to find out in 10 years time I had some money and had to hand it over.
Not really a fresh start if this was the case.It would be hanging over you.

Thanks.
User avatar
By JaneClack
#4370 Shows you the OR isn't always all knowing. Look at the leaflets - they tell you!! :lol:
By skint1
#4373 Tempted to show them there own leaflet!!! :)