what does the official receiver do wwhen they receive my paperwork?

[semayden]

Hi, I am declaring myself bankrupt on 22nd March and have filled in all relevant paperwork etc. I am quite well informed about the pros and cons of this step, but one of the things putting me off is fear of the official receiver - because I honestly don't know what to expect from day one when I first meet them or make contact.

 

Will they haul me over the coals? Will they dog my every step for months, ringing me every time I withdraw money from my (basic) account? I am on benefits, btw, and have no assets/property etc. I just don't know how they will operate. Can someone who has been through this hoop (preferably on benefits/low income: I'm on basic rate ESA) advise me as to how things are likely to progress - given that each case is different?

 

I keep putting off going to court to declare BR because I have this image of a fierce dragon asking to see receipts for my weekly grocery bill and stuff throughout the duration of BR.

 

Please help!

[debtinfo]

Hi Semayden,

 

The person who handles your case is called the examiner (the actual Official Receiver is just the figurehead of the office)

 

I used to be an examiner and would handle cases like yours.

 

I think you should prepare yourself to be wholly underwhelmed

 

It is nothing like you are imagining, The examiner will get your bankruptcy order either the same day or the day after your court appearance and will often then ring you up to make first contact, they will all be proffesional (maybe even nice nice) and the first call is usually just to check a few basic details,

 

When they get your paperwork they will see if you need to have an interview and if so either arrange a telephone or face to face one in their office, Most people have a Telephone one but if you have been trading or were made bankrupt by a creditor ow have a particularly large or complicated bankruptcy then you will have a face to face one.

 

Apart from that they will only contact you when something comes up such as what they are doing with an asset such as a car or property. They will look at your budget and set or agree with your income and outgoings generally, and they may ask you to make a monthly payment (called an IPA) if they think you can afford it. Apart from that then you are free to run your own bank account as you see fit, they dont get involved in that detail.

 

Apart from that you will find that after the first few weeks it goes quiet for most of the year.

 

If you have any other questions feel free to ask

[stu007]

Hi

 

If you go to the Insolvency Service Website there is useful info their on Bankruptcy.

 

Heres the link: www.insolvency.gov.uk

[semayden]

You darling! That's just the sort of calming reply that I wanted to hear! My debts are around £17,000 (too high for DRO unfortunately!) and I am on ESA for health reasons. I have no car, property or anything other than clothes, books, some furniture etc. No expensive jewellry, other inome, or legacies to come (sigh). No husband, live alone etc. so I suppose I hope that things go quickly and smoothly. Any idea how long it is likely to be before someone in my shoes is discharged?

[debtinfo]

Your examiner should be happy then, probably the easiest case of his/her week.

 

Generally you should expect the bankruptcy to last 12 months, sometimes there can be an earlier discharge but there are no guarantees.

 

Have you sorted out a bankruptcy friendly bank account yet?

[semayden]

Yes, RBS have accepted me for a basic account and are aware of my impending bankruptcy! I hope the examiner doesn't close it because my benefits are paid in there.

[debtinfo]

hmmm, i hope RBS do keep it open for you, but they are not known so far as being open to bankrupts, If the worst does happen then i would get down to co-op who many bankrupts do use

[semayden]

Oh dear, the co-op are one of my creditors... RSB were informed about BR - so as long as the examiner doesn't close it down, perhaps it will be ok? I can't keep changing bank accounts or the benefits people will get annoyed!

[debtinfo]

ah right, lets hope for the best, but if not then barclays are another good one, they will give you an account after the bankruptcy day even if they were one of your creditors,

 

but lets hope you wont need to

[Happyhippy1959]

A good sound re-assuring advice Debtinfo, i have been struggling for three years since mrs ex-hippy ran off, I have a house I loved but with a secured loan on it it is costing me 90% of my take home pay, I have had to work extra which is killing me at 53. Also being in the NHS one has to be on the ball. Today I have taken a big decision to cease paying my mortgage and secured loan, the house is in negative equity with the two together. I have already had an offer of a rented flat... I know they will repossess and probably come up short for the second charge so when it is sold and this becomes unsecured I am going down the BR route with my 40k of unsecured debt, though in fairness 29,000 is un-enforcable and have held them off for three years. But it's time to live the rest of my life what ever is left. There is nothing dodgy it was just a case of living above me means and at one time was self employed and used credit for the business. I hope I get some one who is understanding like yourself. I hope Debtinfo I can call on your advice if needed.

[Shiny123]

I am thinking of going bankrupt as I have been in debt management for 6 years hoping I didn't have to go trough bankruptcy as I felt scared about the whole process but now I have been slapped with a mortgage shortfall of 30k which I will never be able to pay back. It all started from being at university bad relationship I have been trying to move forward but this has landed me in even more problems. I work full time but live with my folks and pay them rent I have no assets but I want to in the future get married and have assets but this is all creating me a problem. I've had a look at the bankruptcy forms they ask if you sold any asessts within 5 years which I did my car 3 years ago. Will they want to ask for that to be changed? Also they ask if I have access to a car which I do but it's my mothers will they look at tat too? Also as I'm working but renting will they take that into account or do they see you living with parents as not renting? If they ask me to ake payment to debt then again I will never be able to save and move forward and I have been paying towards my debts for 6 years. I'm not sure what to do as my defaults will be gone in two years.

[Scouse Magic]

Hi Semayden,

 

The person who handles your case is called the examiner (the actual Official Receiver is just the figurehead of the office)

 

I used to be an examiner and would handle cases like yours.

 

I think you should prepare yourself to be wholly underwhelmed

 

It is nothing like you are imagining, The examiner will get your bankruptcy order either the same day or the day after your court appearance and will often then ring you up to make first contact, they will all be proffesional (maybe even nice nice) and the first call is usually just to check a few basic details,

 

When they get your paperwork they will see if you need to have an interview and if so either arrange a telephone or face to face one in their office, Most people have a Telephone one but if you have been trading or were made bankrupt by a creditor ow have a particularly large or complicated bankruptcy then you will have a face to face one.

 

Apart from that they will only contact you when something comes up such as what they are doing with an asset such as a car or property. They will look at your budget and set or agree with your income and outgoings generally, and they may ask you to make a monthly payment (called an IPA) if they think you can afford it. Apart from that then you are free to run your own bank account as you see fit, they dont get involved in that detail.

 

Apart from that you will find that after the first few weeks it goes quiet for most of the year.

 

If you have any other questions feel free to ask

 

Hi was wondering if you could advise me please regarding bankruptcy. Total debt just under £100 000. I have no assetts, no car etc but I do have a full time job. After all living costs im left with anywhere between £23 and £123 depending on the month. Will I have to pay an IPA ? many thanks in advance

[Minisult]

Hi there

Debtinfo I would like some help please

I filed bankruptcy on 9th Dec 2013, I have had my official receiver interview over the phone on the 17th of dec. which was fairly smooth.

She said it looks quite straight and I would need to post statements of bank and credit card accounts.

Will they pay a sum owed to housing association? It's about £550.

Also if my benefits go up do I need to call OR and tell her.

I owed my nephew £1500 just before going bankrupt, I cashed it out from a credit card and gave it to him, the OR said they will need to claim it back from him, so will I need to pay him back the money will he not get anything from the OR?

If you can reply please thanx

Mini

[sequenci]

Hello there.

 

Firstly it would be better if you started your own thread. You'll get much more help that way. To answer your specific questions:

1. Why do you owe £550 to the housing association? If it's a 'debt' it would have been written-off by the bankruptcy order.

2. You should always let the OR know about a change in your circumstances. If you only receive state benefits it will make little difference in reality to you.

3. The OR can reverse the transation as it's clearly a preferential payment. The debt would have been written-off within the bankruptcy. Unless there are assets to sell, or you're paying an income payments agreement it's likely that your nephew will get nothing.

 

- Seq