Bankruptcy - what happens if you get a job and start earning ?

THE_LONE_RANGER_4

pointless post above realy

fermi

THE_LONE_RANGER wrote: »

but i think he still pays 2p in the pound to his creditors for up to 4-5 years which to be fair he is now riunning his own business again and raking it in

An Income Payment Order/Agreement lasts for no more than 3 years and claims 50-70% of the bankrupts "surplus" income.

And yes, the previous post above was utterly pointless.

THE_LONE_RANGER_4

An Income Payment Order/Agreement lasts for no more than 3 years and claims 50-70% of the bankrupts "surplus" income
and i thought he was still suffering when he fitted my new bathroom ,from what i saw his mother started the company he worked for after he went bankrupt and she paid him his wages she also owned the house he lived in and rent went to her i think now i no why he paid so much rent?

fermi

THE_LONE_RANGER wrote: »

and i thought he was still suffering when he fitted my new bathroom ,from what i saw his mother started the company he worked for after he went bankrupt and she paid him his wages she also owned the house he lived in and rent went to her i think now i no why he paid so much rent?

Nowadays bankruptcy is very much a balance between allowing some money to be reclaimed for the creditors and giving the bankrupt a fresh start.

It sounds like he's made the most of the system.:rolleyes:

THE_LONE_RANGER_4

as i said he did say to me if it was now he wouldnt go bankrupt ie it made life awkward but he said his wife couldnt put up with the preasure from dcas etc , but like you said i think he had some good advise on how to deal and cope with the the bankcruptcy procdure, its a shame they didnt advise not to go bust.

fermi

THE_LONE_RANGER wrote: »

as i said he did say to me if it was now he wouldnt go bankrupt ie it made life awkward but he said his wife couldnt put up with the preasure from dcas etc , but like you said i think he had some good advise on how to deal and cope with the the bankcruptcy procdure, its a shame they didnt advise not to go bust.

Well it can be in some circumstances be as much a personal decision as well as a financial one.

Weighing up all the pro's and cons it was best for me, but that may not be the case for someone else.

Myself and other posters on the bankruptcy forum on MSE always try to emphasise that it is a personal decision and that you should always get some free, impartial and professional advice before doing it.