Author Topic: Bankruptcy for second time - how long?  (Read 4489 times)

CoffeeMug

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Bankruptcy for second time - how long?
« on: Oct 08, 2012, 01:00:24 PM »
Hi -


I was declared bankrupt in April 2003 for the first time in the Brighton Court.


Unfortunately I am now facing the prospect of bankruptcy again. I have read that if this was my first time the discharge would come in 12 months. But if it is the second time then it may be longer.


Can anyone please give me some advice on this?


Thanks

James Falla

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Re: Bankruptcy for second time - how long?
« Reply #1 on: Oct 23, 2012, 10:06:52 AM »
Hi CoffeeMug
It is not true that if you go bankrupt for a second time the length of the bankruptcy will automatically be longer. It will all depend on the circumstances behind why you are now going bankrupt again. If it is simply that you have unfortunately got into debt that you cannot pay once again and co-operate fully with the OR, there should be no reason why you will not be discharged after 12 months as per the standard.
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samster5

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Re: Bankruptcy for second time - how long?
« Reply #2 on: Feb 25, 2013, 10:03:23 PM »
Bankruptcy will be the same amount of time.  Unless the house of parliament has made special provision for this , 2 nd , third bankrupcty.  Although i doubt it.

Sam T
:P ::)

James Falla

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Re: Bankruptcy for second time - how long?
« Reply #3 on: Jun 10, 2013, 06:50:03 PM »
Hi SamT
 
There is certainly no legal precedent for bankruptcy lasting longer than 12 months if it is a second time around. Most people who go bankrupt for a second time simply because of unfortunate circumstances have nothing to fear and will be discharged automatically after 12 months as standard.
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