1 month to go

cancatsdance · 23 January 2015 at 1:42PM

im 11 months into my BR and its not been easy but not the worst. ive learnt to budget for once in my life which is amazing.

I was paying my surplus to the OR but financially things changed and I had no surplus.

after submitting my finances and going over everything in detail I received an email saying I wont need to pay anything else.

just wondering what happens next

National_Debtline · 23 January 2015 at 2:17PM

Hi cancatsdance,

When you are declared bankrupt in England or Wales you are normally in that state for 12months, so unless your Official Receiver has said otherwise, you should expect to be discharged from the bankruptcy in 1 months’ time. This means that the restrictions you had placed on you during your bankrupt period are no longer applicable (restrictions such as, not being able to be the director of a limited company, not being able to be the trustee in a charity etc.).

In terms of the Income Payment Arrangement (IPA), this can run for a maximum of 3 years from when you are declared bankrupt. So if you declared bankruptcy in Feb 2014, your ability to be made subject to an IPA will be over in Feb 2017. At the moment this has been suspended as you do not have enough surplus money, which is fine. But if your financial circumstances change over the next 2 years (approximately) you will need to contact your Official Receiver again and they will reassess whether or not to reinstate the IPA.

This can sometimes be a bit more complicated if, for example, your financial circumstances change because you have received a lump sum or asset during the 3 years after you are declared bankrupt. It is possible to have an IPA reinstated because of a lump sum, and if that happens you may lose that lump sum, even if you have been discharged. I hope that all makes sense; we do have a factsheet that may be able to offer you more information - https://www.nationaldebtline.org/EW/factsheets/Pages/01 EW Bankruptcy/Default.aspx

Laura
@natdebtline

WaterMan · 25 January 2015 at 3:40PM

Sorry wrong thread

tigerfeet2006 · 25 January 2015 at 5:29PM

When you are discharged then give it a month or two and then start the credit file clean up.

1 month to go

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