Does bankruptcy conditions last for three years?

distressedpleasehelp

I have to pay an amount for the next three years following my bankruptcy, just been reading some forum posts and it looks like bankruptcy conditions last for the three years, is that right?
Do you still get dishcharged after a year, but have the same conditions for the next two with regard to changes in income etc
Confused

dojoman

Yes you still get discharged after a year, that is if you have not got ED. If you have an IPA then you still have to inform the OR/Moonbeever of any changes in income.

debtinfo

Yes the conditions stop after discharge except with regards to your income and expenditure

distressedpleasehelp

My goodness, if someone had told me that I would have gone for a trust deed (IVA), seems to be the same but without the stigma of bankruptcy!!
The CAB wrongly advised me on that one!

So what happens if you come into an inheritance after discharge but before the end of the 3 years?

I have been so badly advised!! Bankruptcy is so confusing.

distressedpleasehelp

Can you change from bankruptcy to a trust deed?

philnicandamy

distressedpleasehelp wrote: »

My goodness, if someone had told me that I would have gone for a trust deed (IVA), seems to be the same but without the stigma of bankruptcy!!
The CAB wrongly advised me on that one!

So what happens if you come into an inheritance after discharge but before the end of the 3 years? the receiver could either take all OR a percentage during the three years

I have been so badly advised!! Bankruptcy is so confusing.

distressedpleasehelp wrote: »

Can you change from bankruptcy to a trust deed?

not that i'm aware of no..

distressedpleasehelp

That is terrible no one made me aware of that. i did try and find out as much as I could about bankruptcy, but never heard of that!
The CAB also told me, one year and that's that!
So annoyed, three years of feeling this way!! One year is bad enough!

bacil_uk

How can they take inheritance, when you discharged ? i understand that they can amend IPA/O but say that inheritance is not part of estate and hence can not be taken after discharge, i would understand if that would happen while undischarged.

distressedpleasehelp

Income fair enough.
But inheritance? Can they take gifts? and if so what sort of value would these be before you declare them?
Who should advise you of this?? No one has made me aware of this!

bacil_uk

distressedpleasehelp wrote: »

Income fair enough.
But inheritance? Can they take gifts? and if so what sort of value would these be before you declare them?
Who should advise you of this?? No one has made me aware of this!

I am asking same question ... in my case, shares and income from share of Ltd. company after discharge. (shares are not part of the estate) and will not be acquired until after discharge, but if it is to last for next 3 yrs ... i will seriously reconsider ... luckily i havent submitted my forms yet.

Classylady2010_2

I think any income, lottery win, inheritance has to be declared to the OR if you have an IPA for 3 years and they can take 70% from you
cl