Hey, so I just got made bankrupt last week because of an old insurance debt from 1991. A judgment was made in 1993 for £27,000, and at the time, my insurance manager said not to worry because I didn’t have any assets. I started a new company in 1998, but it went under in 2007 after doing well for a few years. In 1999, the insurance company came back for the debt, and it was agreed that my Ltd company would handle it. Payments were being made from there until it ceased trading. Fast forward to 2013, and the debt somehow went up to £38,000. I tried sorting it out with the lawyers, but they were taken over. I didn’t know anything about the bankruptcy until I tried to take cash out of my bank and they told me there was a pending bankruptcy petition. I saw the OR (official receiver) last Tuesday, and he didn’t seem interested in this debt because it was so old. I’ve got some other debts like credit cards, but they’re all old stuff too. Is it too late for me to do anything now? I’m self-employed and receiving working tax credits. Just wondering if anyone has been through something similar. Thanks!
Wow, that’s a lot to deal with. I’m not an expert, but I think once you’re declared bankrupt, it’s hard to undo unless there’s a mistake or something. Your OR might not be too interested because the debt’s so old, but I’d try talking to a lawyer just in case.
@Vic
Yeah, the OR doesn’t always seem too invested in old debts. But definitely worth looking into if there’s a chance to clear this up.
It’s crazy how old debts can just resurface like that. Hopefully, you can work something out. Maybe try reaching out to a bankruptcy lawyer who specializes in these cases?
Palmer said:
It’s crazy how old debts can just resurface like that. Hopefully, you can work something out. Maybe try reaching out to a bankruptcy lawyer who specializes in these cases?
Same thing happened to a friend of mine. They contacted a specialist who helped clear up some old stuff. Worth a shot for sure.
I think the OR is supposed to leave you with enough to live on. If your account is still frozen and bills are bouncing, that’s not right. You should definitely bring it up with them.
North said:
I think the OR is supposed to leave you with enough to live on. If your account is still frozen and bills are bouncing, that’s not right. You should definitely bring it up with them.
That’s messed up! I thought they had to give you a living allowance, especially with the tax credits and all. You might want to escalate this.
I’ve been through a bankruptcy too. It’s a rough process, but from what you’re saying, it seems like your OR isn’t being super helpful. You might need to fight for your right to have a bit of control over your finances while this gets sorted.
@Lake
Definitely! It sounds like you need to push back a little more. Bankruptcy doesn’t mean you should be left high and dry.
The situation with your commission sounds complicated, especially if the money’s being paid directly to the customer and not the company. The OR should be more clear about how that’s handled. I’d ask for clarification ASAP.
@Scout
Yeah, that commission thing is tricky. If it’s not paid to your company, it sounds like you might be caught in a weird middle ground. Definitely something to clear up with your OR.