Bankruptcy: Just starting out...

jellycat40

Hi there

As far as I am aware there is nothing to pay out once you are discharged if there is no trustee. Although I do believe we have had a recent change of law and if you come into a large amount of money the OR will want his share. You can apply for credit after your discharge and there are lenders out there who will charge high rates of interest and will give you a low credit limit. However if you pay the balance every month then you will not incur costs.

Louise

jellycat40

For A2C do you know what this new legislation is? I have only found out about it because someone I know was BR and discharged last year. She has an ongoing comp claim for loss of earnings and the OR is still maintaining an interest even though her file is closed.

Louise

kevker

I think I read somewhere that the OR has three years to realise any assets in your estate. This falls into line with the Income Payments Agreement and also how long the OR has to realise any equity in your house. I'm sure A2C will be along to give us the definitive answer though.

System

Also, as far as I know, if you use any of these items in your job, for example the computer, they cannot take it as it would deprive you of being able to make your living.

Addicted2Chocolate

ok
IPA payments can continue after discharge, they normally run for 36 months.
The Trustee has 3 years to realise a bankrupt's interest in a family home. Other properties which are not family homes have no time limit.
All other assets have no time limit. Discharge has no effect on assets, it means the person is no longer subject to the bankruptcy restrictions, but any assets in the bankruptcy estate remain with the Trustee. The Trustee wont be released from his role until all assets have been dealt with: can take very long time.
A compensation claim for loss of earnings vests in the Trustee, which means its a bankruptcy asset, and Truste will retain his interest in the claim after discharge. Only compensation for personal injury is not a bankruptcy asset.
Have i covered all the questions?

kevker

I think so, next question please!