During bankruptcy will they assess my earnings every month?

brook1999

All views and stories welcome I need all the info I can get before I take the plunge...!

fiveyearplan

No, your income won't be assessed every month unless maybe you're a sole trader. It would be up to you though to report any income above what you put on the forms.

Flowerpot_2

brook1999 wrote: »

All views and stories welcome I need all the info I can get before I take the plunge...!

Am wondering about this as well as I'm just sorting out my SOA - have put my basic income down (the usual one) but at the mo we're so busy I'm doing a few extra hours. It won't last (work in horticulture) so thought I'd just stick to my basic?
Flowerpot
xxx

beentheredonethatstilhere

Flowerpot wrote: »

Am wondering about this as well as I'm just sorting out my SOA - have put my basic income down (the usual one) but at the mo we're so busy I'm doing a few extra hours. It won't last (work in horticulture) so thought I'd just stick to my basic?
Flowerpot
xxx

Just put your basic down and make a note on your form that you may do intermitant overtime. When you have a month with more money you just let the OR know then. You may find that he feels it isn't worth him worrying about.

Flowerpot_2

beentheredonethatstilhere wrote: »

Just put your basic down and make a note on your form that you may do intermitant overtime. When you have a month with more money you just let the OR know then. You may find that he feels it isn't worth him worrying about.

thankyou brook another little worry sorted
Flowerpot
xxx

saveoursouls

If "they" think u have ran debt up irresponsibly intending to go bankrupt..dont they take your income into consideration then???

fiveyearplan

Yes they take your income into consideration whether or not they think you ran up debt irresponsibly but they don't keep checking it month after month - although they can if they choose but they are too busy to do that so they take your word for it. When you go BR you sign a form to say you will inform them on any change of circumstance.

saveoursouls

ever heared of people getting done for fruad or anything? like if they draw out 20,000 thyen suddenyl go bankrupt? or is it a case of..if ure going bankrupt ure bankrupt end off? i just wondered this..not that i can do it...i cant get no credit anyway! lol!

sieve

saveoursouls wrote: »

ever heared of people getting done for fruad or anything? like if they draw out 20,000 thyen suddenyl go bankrupt? or is it a case of..if ure going bankrupt ure bankrupt end off? i just wondered this..not that i can do it...i cant get no credit anyway! lol!

This might be way out of line and if it is I apologise but from the tone of the posts I get the idea you are trying to work out if you can get away with stuff. The answer is no - you will be found out if you try and hide anything.

And if one were to withdraw 20 grand knowing that they had no intention of paying it back then they would definitely get a BRU (bankruptcy restriction undertaking) and quite possibly be done for fraud too if the actions were malicious.

It's not an easy way to become rich, bankruptcy - think about it carefully.

peachyprice

saveoursouls wrote: »

ever heared of people getting done for fruad or anything? like if they draw out 20,000 thyen suddenyl go bankrupt? or is it a case of..if ure going bankrupt ure bankrupt end off? i just wondered this..not that i can do it...i cant get no credit anyway! lol!

In a word, yes, you could get done for fraud, it would not necessarily be end of.

debrag

what if you get a new job in this time?

I mean your SOA was worked out with JSA or a part time wage but you got a full time job at some point. Would you end up paying your creditors again if that make sense?