Scottish Bankrupcy what happens next? Please help

miss_watson

Hi question re scottish bankrupcy LILA, after you are discharged from your bankrupcy after the year, are your finances still monitored for a further period of time? ie for 3 years and if during those 3 years your circumstances improve ie you go from part time to full time, they then ask you for a contribution towards your debt? or basically once the year is over, you can move on and live freely?

thanks in advance for any help/advice.

Emma

TDMum

If an IPA has not been instructed before your discharge date then you are freeee. They won't have an interest any further and your money is your own again. If you have an IPA in place before discharge then they will have an interest for the 3 years of the IPA. Good Luck

coolcait

TDMum is spot on!

However, even if you're not paying an IPA, you do still have to co-operate with your Trustee until he is also discharged. So, you'd have to tell him if you move house, for example. Or, if you had a house, he could still sell it, even after you're discharged personally.

But, if your income increases after you are discharged personally, and no IPA is in place, the your Trustee cannot impose an IPA/IPO at that stage.