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

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#4477 Hi,

I noticed you went backrupt in Bristol and wanted to ask a few questions.

Is the OR really scary as this is the part that really scares me?

Did you have a face to face interview?

How long after the Courts did you see the OR?

Thanks in advance for any help:)
#4482 Hi.
This is what has happened so far.

I went to the court and handed everything in.
Told to go back 2 hours later.My bancrupcy order was ready and waiting.

I went straight to the OR.Waited about 20mins then had a brief interview.

During that interview I handed over all my bank cards ect and briefly went through forms and my responsiblities as a bankrupt.Lasted about 15mins.
The OR explained that because of the amount of debt I would have to go back for a more through interview.
I need to provide as much info as possible about how the money was spent.

I had some forms and a questionaire through the post the next day which I had to fill inand send back within 48hrs.

Now I am waiting to hear back about my next interview with the OR.

I must admit I am terrified.But so far I have been surprised at how helpful and nice everyone has been.
Especially at the courts.

The worst part so far was opening a bank account yesterday.A very helpful lady at Nationwide but the moment I said I was an undischarged bankrupt her attitude changed.
I still got a bank account up and running.Although they did ask for a brief explination as to why I became bankrupt.

Do not let that put you off though.It is still the best decision I ever made.

Waiting is the worst part I think.I wish it could all be over so I didn't have time to sit and worry.

Hope this helps,
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#4485 Skint - just keep calm. You know why the money was taken out and you had no idea you would end up in this situation. It may be a tough two hours at the interview but tell the truth and damn the devil! By dinner time that evening it will all be over! :wink:
#4487 I'm in a bit of a state of limbo at the moment not sure what to do with myself.
I can not believe it has been so straight forward.

I think it's going to take a while for it all to sink in.

I'm debt free. Now I have to find something else to worry about :)

Perhaps I'll get a social life :lol:
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#4489 oh I wouldn't do that - we'd miss your late night posts!!

Take care :lol:
#4493 Well I'm sure I can fit in a few post in between the
pub and bedtime! :)
#4525 Ihave just got back from my OR appointment.

Had a phonecall this morning explaining that I should have had a letter asking me to be there at 10.00am.It hadn't been sent and was 10.15am

Could I be there at 11.30am.
Shock,horror ahhhhhh.

I went with all the papers thrown together in a mad dash.
Spent about 1hr going through it all,it was difficult but they were very helpful.

I think it went ok,just don't know.

At least I didn't have time to think about it before.Glad it's all over.

Don't think I'll have to pay anything as I've less than £100 surplus.
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#4526 Great news - when you're down from the ceiling tell us more! NO MORE DEBT!!!

And no time to worry either ....
#4560 Need some advice on what he put in my statement.

I basically had to explain to him how each of the loans where spent.

I had one loan since 2001.refinanced another one that I'd had since 2002 in march 2003 with the same company.I took a loan in July 2003 to consolidate debt and incurred the last one in July 2004 to consolidate debt and 2 credit cards used until recently.
He basically wrote in my statement:- I had incurred debt since middle 2003 which I couldn't really afford to repay.I had been Supplementing my income due to my health problems.I had thought my husband would have been back in work and we would be able to continue paying and I had hope to have some compensation money through which has not happened yet.

He also told me it was obvious that I hadn't only had difficulties paying since jan.He put down in the statement oct/nov as this is when I started buying alot more food etc on credit cards.

Is this the normal sort of thing that happens to people.They get them selves into more debt trying to lower repayments and spend the term.
Is he trying to make out I knew I couldn't pay it back when I borrowed it.

The other thing that I hadn't thought about before was my husbands car.
It is in his name,insurance is in his name as well.I have only been able to drive since beginning of Feb.

But the money for the car was given to my husband at about the same time as the last loan went into the bank.Statements will show 3 deposits totaling either 4000 or 4200 pounds towards this car.But I paid for a warranty on the car from the loan.£400 and possibly put £300 towards the cost of the car.Although it would have covered the tax and service that they did I think.
I told the OR I had no financial interest in the car but did pay for the servicing,warranty ect from the joint bank account.
The OR will see the cheque for the car go out as one lump sum at the same time all the money went in.

I did telling the OR the money for the car came from family in several deposits.I just didn't get asked about it too much.I did provide a breakdown of where nearly all the loan money went.

I didn't think about it until afterwards.
I'm worried that if money from this loan was in our joint bank account and small amount was used for the car he could think I have a financial interest in it.I don't want him to think I've been dishonest.

I just didn't get asked about it as it was shown on the statements I handed over at the interview.I can explain but I'm worried he will think I've been lying to keep the car.

Should I just wait for the OR to ask me about this.

Any advice.
I'm sorry if this is a bit confusing.I just don't know how to take what was put in my statement.Or what to do about the car.

I keep thinking I should have told the OR but was so nervous that I just forgot.

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#4569 I really do not think you need to worry - if he asks about the car again you would explain the situation but I don't think he will. All OR interviews are tough and exhausting and yours is no different from anyone else's!! :wink:
#4584 I thought it would be ok.
I just wanted to be prepared for the interview and wasn't.

It is horrible feeling having to take a good look at the debt you have and try to justify it.Who can really remember how they spent every penny of money borrowed in 2001?
But at least I can learn from it and move on.

The worst is over and now I'm debt free :)
#4604 Im so scared of the OR interview!

My bloke has no proof of what he apent his loans on or credit cards, he just wasted it really! He has nothing of great value and i dont know how they will react when we have no proof!

Also i was looking through the bankruptcy petition (too scared to complete it yet) and the asset bit, does he have to list all his items of value like Jewellery etc and are they likley to take it? He has an £700 Hugo Boss watch but dosent want to put that down!?

I really think its all going to be a mess!

Skint1 - What other questions are they likely to ask your one on where you got the money for the petition in the first place was a good warning!
#4616 Basically they started at the beginning of the statement of affairs and went through it question by question.
I provided all the paperwork and statements at the right stages.I also made a list of how money was spent and handed that over so I could remember.

They asked about assets.
I said I had nothing of value apart from my wedding ring.They weren't interested in any of the household stuff or the ring.
You'll be given a form to sign to have all your household stuff made exempt.
Was the watch paid for with a loan or on a credit card in the last year or so? If not ,what watch ?:wink: Just don't wear it on the day!!!!

Think about when you first difficulty paying your debts.They will what a full explination of this.

I was really worried about explaining what happened to the money.
I was told that I shouldn't worry too much.I had to sign a statement saying what the money was spent on to the best of my knowledge.If you can't remember you can't remeber.

They have access to all your statements anyway so they will be able to build up a picture of what happened.

Don't worry it maybe hard.But in the end it's worth it to be debt free.A very drastic step to take but for me it was the best choice I ever made.

The forms are long but if your not sure about anything leave it blank and they will help you on the day.That's what I did and they were very nice and went through it all with me :)
Even did all the photocopying and swore the forms.saved £7.00 :D

Good Luck,keep us posted.
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#4617 It's not your interview it is his. He will be seen on his own so he must just tell the truth - if he wears his watch everyday then so be it. I know people who wear Rolexes and Omegas - they don't get taken.

The yacht in the South of France, now that's a different matter! :wink:
#4619 One more thing.
Your explinations should be what you want said not what the just what the OR writes.
In my interview I read through the statement the OR wrote.
I wasn't happy because he basically said I ran up debt expecting to pay it off with compensation money which I haven't had .That wasn't true.I thought my husband would be back at work so our families income would increase.
I made them put this down.

Don't be afraid, it is your statement and is your chance to explain what has happened.It should be what you think.
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