2nd time bankrupt what are the implications?

dinkydoo | 16:27 Thu 01st Jul 2010 | Civil

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My son became bankrupt in 2001 this was discharged after 3 years, his wife has walked out on him leaving him with a vast amount of debts, he is once again in the position that he needs to declare himself bankrupt, what are the implications of this 2nd bankrupcy as i believe the law was changed in april 2004. Is anyone able to answer this question for me. Thanking you.

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Richard1966

Given the time gap and the change in circumstances, the implications for him are exactly the same as first time round. The changes in 2004, reduced some of the limits that wee placed on people in public office. Unless he's an MP, he wont notice much difference. In my area (south central england) most bankruptcy interviews take place over the phone and with full cooperation with the Official Receivers office discharge can be 3-6 months. The fee has recently risen to £610. If he owes less that £15k he might want to consider a Debt Relief Order.

dinkydoo

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thank you richard much apreciated

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