Your reply illustrates my point exactly - you were honest and thus did not clear out the account! Now get your letter off to Mandleson or better still become an MP - we could do with some honest ones!!!
I'm not saying that or anyone else are criminals, just that a year is nothing when you are having a lot of money written off. I (and no doubt many others) lived beyond my means and by the time I realised the mess I was in it was too late. I was BR for a year and it wasn't pleasant, but I survived it.
Yes, I have learned my lesson, but there will always be people who won't.
The Enterprise Act 2002 allows for the different treatment of bankrupts and is a much better system than the one it replaced. Bear in mind that you can now have a bankruptcy restriction order[BRO] for up to fifteen years which is a severe sanction to be used against those who abuse the system.
The new system differentiates between the bankrupt builder whose main contractor went bust and the guy playing internet poker or travelling the world with creditor's money and no intention of paying it back. Early discharge for the builder and BROs for the other two.
I know I'm not BR, but I don't see any reason why you shouldn't remain bankrupt for the 12 months. It's not a long time in the overall scheme of things - much shorter than an IVA.
It would also simplify things for the OR.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Yes but Jan if there are no assets to realise and the debtor has complied with everything asked of him/her the OR will be happy to close it down early rather than have it lying around gathering dust for the remainder of the twelve month period.
Hi
Early discharge or no early discharge makes very little difference to the majority of people. I can see company directors wanting discharge as early as possible so that they can start again. Skippy makes a valid point about an IPO, the OR would have the full twelve months to set one if early discharge was stopped.
Interesting that anyone with an early discharge is kept on the Insolvency Register for three months from the discharge date.
Regards
I know someone who went BR but had spent on cards until just before the BR and as they didn't work didn't have an IPA but still got ED! This and the programme is what got me thinking!
The DRO will take tens of thousands of "unprofitable" "little" bankruptcies out of the system.
However in a DRO, if your circumstances change near to the end of the year - it can be extended for 3 months in order for you to come to an arrangement with your creditors.
(Some might say this is is a way of making it a lead generating source for intermediaries...)
There is already a mechanism in place for this in bankruptcy, the fast track voluntary arrangement. I think this was the idea behind the FTVA procedure but it just never got used.
What i'd like to see as far as IVA's are concerned is an independant body that can look at individual cases where the proposer (& IP) feel the creditors are being unresonable with clauses the want to add. They should have the power to force creditors to accept the IVA 'as is' if it is a fair reflection of the debitors ability to pay.
As far as BR is concerned then the OR should be the one to decide when, or if ED is allowed.
