Bankruptcy advice please!

Baltimora

I have just been made bankrupt and am unemployed. Have been since October which explains the bankruptcy. I am looking for a job, and am a skilled tradesman (not self employed). I wanted to know how much money i can earn over the next year before a contribution is made to the bankruptcy fund (i think that is what it is called), as this will affect the the sort of work i look for right now.

i.e. i dont see the point in earning 35K if i can only keep 15K.

If anyone knows the answer to this, i really would appreciate a response.

I thank you in advance.

nervousmother

There is no definate answer, it depends how many live in your house, if you are married, how many children you have, what your expenses are ect ect

nervousmother

will add:
you have to do a statement of affairs. list all your outgoings and income. The disposable income is what the OR has a interest in and can take up to 70% of it. Your outgoings have to be realistic you get a generous allowance on what is allowed, cant claim things like sky tv. Can claim broadband if needed for work or for school

mna78

Hi Baltimora, I know where you're coming from I'm recently unemployed and am going BR very shortly, I'm tempted to look for a lower paid job outside my normal profession, survive for a year and then go back to it.

Although I must say that I pretty much hate my current profession and only stayed in it upto now to pay the bills, with a clean slate I'm also tempted to start again in a new field and this gives me a chance to try that.

Nigella_2

Post your budget on here to see how others can help you with your figures / give you some pointers.

Earning more to have a reasonable budget (even if you have to pay a higher proportion to your OR) than say minimum wage (and having to live on baked beans etc.)

Also you will have the job experience of a higher earner! Say a foreman/manager/higher trade etc. (not a labourer)

Baltimora

Thankyou all for your rapid responses.

Here's a little more info about my situation;

rent until i find a job is nil (at parents! nice of them to put me up in my hour of need but believe me it has it's drawbacks)

When i do find work would it be easy to claim i pay more rent to them than i actually do? or will proof be needed? i.e. a receipt of some sort! that way i could have savings that the OR and bank don't know about!

Will receipts be needed for travel expenses. Can i claim that i take the train more frequently than i actually do? to visit girlfriend/family ect. is traveling to watch my football team play deemed unnecessary. ditto with the season ticket!

i have a contract phone - needed for hunt for work and for work contacts - same with broadband! will they insist i give up my contract phone even as it is probably cheaper than pay as you go.

the only outstanding bills i have since bankruptcy are phone/broadband/travel and football. And obviously food and clothing!

Cheers

dalip

Baltimora wrote: »

Thankyou all for your rapid responses.

Here's a little more info about my situation;

rent until i find a job is nil (at parents! nice of them to put me up in my hour of need but believe me it has it's drawbacks)

When i do find work would it be easy to claim i pay more rent to them than i actually do? or will proof be needed? i.e. a receipt of some sort! that way i could have savings that the OR and bank don't know about!ummmmm

Will receipts be needed for travel expenses. Can i claim that i take the train more frequently than i actually do? to visit girlfriend/family ect. is traveling to watch my football team play deemed unnecessary. ditto with the season ticket!ummmmmmm

i have a contract phone - needed for hunt for work and for work contacts - same with broadband! will they insist i give up my contract phone even as it is probably cheaper than pay as you go.they can not tell you what to do. What they can do is only allow a certain amount, the rest you would have to pay out of any surplus you may have

the only outstanding bills i have since bankruptcy are phone/broadband/travel and football. And obviously food and clothing!

Cheers

Not sure an open forum is the place to openly discuss fiddling your expenses.OR's do read this forum,in fact we have 2 who are posters;) who are OR'S. Be careful.D

dottydora

I think it is fair to say that most of us are trying to secure a reasonable income to provide for our families without going out of our way to 'cheat' the system.

Nigella_2

If you are setting out to deceive and are discovered you could be subject to a BRO (your bankruptcy can last for up to 15 years or prison!!!!)

Post your budget here and people can give you pointers.

If the OR doesn't agree with any of your bills / expenses then either you will pay them out of your excess share (i.e. 30% of your disposable income) or you will have to cancel them (the OR can include any early termination charges in your bankruptcy as he will cancel your phone / sky etc)

peachyprice

Baltimora wrote: »

Thankyou all for your rapid responses.

Here's a little more info about my situation;

rent until i find a job is nil (at parents! nice of them to put me up in my hour of need but believe me it has it's drawbacks)

When i do find work would it be easy to claim i pay more rent to them than i actually do? or will proof be needed? i.e. a receipt of some sort! that way i could have savings that the OR and bank don't know about! Only if you're willing to draw your parents into the deceit too, the OR is likely to write to them to confirm how much you pay.

Will receipts be needed for travel expenses. Can i claim that i take the train more frequently than i actually do? to visit girlfriend/family ect. is traveling to watch my football team play deemed unnecessary. ditto with the season ticket! No, football season ticket is not a necssary expense, infact if you have one which can be redeemed the OR could take it as an asset. Travel to and from work is allowable, other travel comes from your surplus.

i have a contract phone - needed for hunt for work and for work contacts - same with broadband! will they insist i give up my contract phone even as it is probably cheaper than pay as you go. Depends how much it is.

the only outstanding bills i have since bankruptcy are phone/broadband/travel and football. And obviously food and clothing!

Cheers

Hope that helps some

dalip

Ever the dipolmat peachy:rotfl: