anxious to obtain the discharge assoon as possible

[james.m]

I was made bankrupt just over one month ago with about 95% of the associated debts wrapped up in a 3 year old failed IVA into which i had paid about 7% of the total debts outstanding at the time the IVA was set up. It is my understanding that i am ENTITLED to the bankruptcy discharge certificate after 12 months in normal circumstances - please confirm this. However as i have already been struggling with this for over 3 years i am most anxious to obtain the discharge as soon as possible. Are there any practical and worthwhile steps i can take to bring forward the issue of the discharge certificate and what is the earliest realistic time i can expect to receive it ?. What factors influence this e.g. size of debts,etc. I have already had my interview with the OR. Does the fact that the bankruptcy is largely the result of a 3 year old failed IVA [meaning most of the debts are now in effect 4 or 5 years old or more] help,hinder or have no effect on the speed of issue of the bankruptcy discharge certificate.

regards.

[simon.b]

I don't know the cirumstances behind it but a friend of mine was discharged after 6 months although don't know how he managed this.

Can I ask, what format does the OR interview take and what does it entail? It sounds daunting and I may have this on the horizon...

[ivoriva]

Its an interesting question that I cant answer for you, someone else might be able too. However, I speculate what normally makes the difference is how complex a case is. Your OR will be able to get a lot of info from the IP and as you have been in a IVA 3 years I would imagine your bank statements and lack of new credit would make it a fairly straight forward task. Especially considering the OR normally only looks at 2 years of statements etc in individual insolvencies. If you are a homeowner or have assests etc then that might make things more complex.

Also, it would depend on how quickly the OR deals with paper work etc - it is quite possible you'll get notice of early discharge and it not work out simply cos someone hasnt got round to rubber stamping the relevant paper work. In any case, it is never considered a right just a possibility. So you should always expect 12 months from the date of your BR, but I would imagine it is possible you could be discharged in 6 months or so if the case is straight forward and the OR and admin are on the ball.

[MelanieGiles]

The statutory period for bankruptcy discharge is one year following the order, however this is a privilage and not an automatic right. Your conduct prior to the bankruptcy will be considered, to ascertain whether you ought to recieve a bankruptcy restriction order or agreement.

I have see some disharges happening at an earlier stage, so you may be lucky an be awarded on early, but you have absolutely no influence on the timing.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[MelanieGiles]

An Agreement is with you co-operation and agreement, and an Order is made by the Court if you do not agree. They can be for anything from 2 to 15 years.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Skippy]

I have also heard that an Bankruptcy Restriction Undertaking (BRU) is generally shorter than a Bankruptcy Restriction Order (BRO) imposed by the court.

As others have stated there is nothing you can do to gain early discharge from bankruptcy. I am also bankrupt, and I will be happy to be discharged in March 2008 - if it happens. I am aware that I could be made subject to a BRU, but even if I am I am happy that I am no longer drowning in debt. I hope you get your early discharge, but if you don't just think that you are one of the lucky few in this country who doesn't owe money! Good luck

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[Oliver]

Sadly there is nothing that you can do to speed up the discharge process. Let's hope you are one of the luckier ones whom manages a discharge in under 12 months.

Best Regards
Oliver

Thomas Charles and Co Ltd.
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