Bankruptcy advice please!

missymugwump

It is a personal choice
If it does not bother you on a moral level ?

beentheredonethatstilhere

As the others have said you will be allowed resonable living costs. Things like £200/300 for rental, check your local area for how much it costs to rent a room. A percentage of the utility bills. Food £150/200. Travel to work. Resonable mobile costs £30/40. Medical, hair, holiday, tv lisence.

As long as you do not try to cheat the OR the OR will treat you nicely. If he suspects you are trying to swindell him, and they are very adept at figuring this out, then he will go deeper into your bankrupty and inestigate things more thoroughly.

If you use the SoA at makesenseofcards.co.uk and do a SoA with what you think you could earn then I am sure the lovely people on here will help you.

But please don't think about trying to get one oer on the OR.

tigerfeet2006

Just been to get a link for you for the SoA calculator at make sense of cards and it is down at the moment. But this is the link

http://www.makesenseofcards.co.uk/soacalc.html

This is Phils IPA calculator so you can see how much you could pay if you had more than £99 surplus.



Bear in mind that the IPA will only last 36 months and if you have a change in your circumstances it can easily be altered up, down or suspended if you have no money again. It is a lot more flexible and you get no hassle at all from any one. A small price to pay for all the stress before BR.

raradel

I dont mean to sound rude "baltimora" but there are people here who have quite generously given advice to you and taken the time to read your post only to find that you are, it seems, trying to find information on how to "cheat/fiddle" your way through bankruptcy. If the judge doesnt cotton on to this the OR certainly will. There are some of us on here who were worried that we may not have money left for our basic family needs let alone a season ticket. Please remember that most people on here are not priviledged to have money for that, hence being on a BANKRUPTCY FORUM.
Again, I do not wish to cause you offence in any way but I for one have felt slighly offended by the approach you have taken to the forum.
Good luck.

RecoveringAlcoholic

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!

Sadly some folks struggle to find the money to feed their children.

Bankruptcy_Advice_2009

Baltimora wrote: »

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.

Hi

I am a current employee of a insolvency company and i can inform everyone here that IPA agreements come in to forms. One is for a Tax IPA - your tax does not go to HMRC but to your bankruptcy estate. Two is a normal IPA which is any funds what you have spare after bills rent etc. However this is only 50% of any surplus funds, and only this must be over £50.00 or more to make it worth while for the company to deal with. Therefore I would consider waiting til you have your discharge from bankruptcy and maybe go from there as any increases in your surplus funds will mean you will have to add more into a IPA. Hope this is some help.:j

nervousmother

Bankruptcy_Advice_2009 wrote: »

Hi

I am a current employee of a insolvency company and i can inform everyone here that IPA agreements come in to forms. One is for a Tax IPA - your tax does not go to HMRC but to your bankruptcy estate. Two is a normal IPA which is any funds what you have spare after bills rent etc. However this is only 50% of any surplus funds, and only this must be over £50.00 or more to make it worth while for the company to deal with. Therefore I would consider waiting til you have your discharge from bankruptcy and maybe go from there as any increases in your surplus funds will mean you will have to add more into a IPA. Hope this is some help.:j

and goes up to 70% of surplus, but is it so bad paying it back? is it so bad getting a job that means you only keep 30% of surplus? afterall how much surplus do you have on the dole?

Baltimora

....and i appreciate there are people in a worst situation. I'm just trying to ascertain how much my life is gonna change. for six months now i have been on the dole (£60 a week! with no other income whatsoever) i have used this and my overdraft not to live the life of riley, but in order to pay my minimum bills every month until it all ran out. been applying for 5 jobs a week for 6 months. i am qualified (in most cases over qualified) to do each and every job i have applied for. i have applied for jobs which pay a quarter of my old salary, and i would gladly have taken one. i have applied for jobs in warehouses, which i would gladly do to earn an honest wage and not suffer the indignity of going bankrupt and be able to pay back the money which i borrowed. I f i had not lost my job, at the rate i was paying my debts off i would be debt free now!

I like so many of you have had my life turned upside down through no fault of my own. So kindly keep your judgements to yourselves and i will, mine!

I have come on this website for a little friendly advice and have perhaps been a little flippant with my words, surely you can realise that my trivial approach to my post is more out of relief than glee!

My parents do feed me and i dont pay utility bills, for which i am thankful beyond words. and i spend my £60 a week on a mobile phone bill, travel to go to interviews, and a monthly trip to the football. And not alot else. I have sold anything of any value in the naive belief that things will get better. My TV, my stereo, my playstation, my furniture, my van and half my season ticket to a mate. I have lost almost everything - So dont take the moral highground with me you self righteous judgemental no-marks. You aint the only ones with problems!

dottydora

This is how your first posts appeared - you come on this forum and provide little information about what you have 'suffered' and more about how you want to stash some money and not work a high paid salary only for your creditors to get it! The fact that it was perhaps misleading to rest of us and provoked all that feedback does not give you the right to be offensive and label people as self righteous judgemental no-marks and I guess will not get you all the support you probably need during this tough time. I think you might want to think about what you say before you write it down next time!
That said, I truly wish you well and hope your life turns around and things improve soon.

uktyler

Baltimora wrote: »

I like so many of you have had my life turned upside down through no fault of my own. So kindly keep your judgements to yourselves and i will, mine!

I have come on this website for a little friendly advice and have perhaps been a little flippant with my words, surely you can realise that my trivial approach to my post is more out of relief than glee!

You seem to be flippant about fraud as well.

You get to keep £60 a week because your parents feed you and pay all the bills, that's more than a lot of people who work get.

You want to get a job just to make your own circumstances better, and sod the people who suffered financially because of your BR.

I do understand how bad debt can be, but it annoys me when people try to play the system to benefit themselves.