How long the whole process of bankruptcy take

[slart]

How long the whole process of bankruptcy take.I have accumilated enormous debts adding up to 100,000 £ through gambling.I have a secured loan and few personal loans and credit cards adding upto the amount i have mentioned.I am so frustated and helpless that i am planning to move to canada.Please advise me.I am especially worried about my profession as i am a doctor.Will there be a criminal case because of my gambling.will my professional reputation be affected in any way in terms of my registration with general medical council.I have been offered a job in canada and i am planning to move.please advise further action.

[freelili]

Hello and welcome.

The bankruptcy proceedure really depends on how busy the courts are and getting a court appointment, you can fill the forms out on line.

I believe that the OR takes a dim view of gambling debts but each case is different, sorry.

I am registered with the health professions council and I phoned them to ask what action would be taken in bankruptcy and they said it was OK. I am not a doctor though

your question may be better answered by visiting www.myvesta,org,uk. They have videos on the proceedure and are very supportive of the whole process, you can also chat to someone online.

I wish you the very best of luck with this and for your future. You will not be judged here or at myvesta.

LILY

[MelanieGiles]

Hi slart

First of all I want you to stop worrying about the causes of your debt. This is a historic matter, and you cannot turn the clock back, but nevertheless there is no point in worrying about things that have already happened. So I want you to draw a great big line between now and the future. From 24 Feb onwards you are thinking about the future!

The days of gambling debts being a criminal offence are long gone, and they are not even an offence under insolvency legislation any more. With the accessibility of on-line gambling, and the ever growing popularity of gambling as an acceptable social activity these days, so the stigma of gambling debts had vastly reduced. You have either gambled as an emotional prop (rather than drinking, smoking, drug taking or comfort spending), or have been in debt and felt that gambling is a way of attempting to repay your debts. Either way it appears that you have seen the error of your ways in this regard (only people who get rich on gambling are casino owners - funnily enough I have never done an IVA for a casino owner!), and will not continue to gamble into the future. Well done!

With regard to your career, you will need to check with the General Medical Council with regard to their policy on bankruptcy, and also the Canadian immigration authorities with regard to the work permit scenario.

If you are emigrating, then I assume that you will be selling a property - if so is there any current equity? And as a qualified GP, you are obviously earning a reasonable salary. So after taking into account your income, and reasonable household expenses (before unsecured debt repayments) are you left with any money at all? If you have some surplus income, maybe either an IVA or DMP might be a better option.

Each way you have choices. Take some time to make the right choice for the future! And continue to post if you feel we can help.


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