I've decided to declare bankruptcy but have some final questions

Sandwich

I've finally decided, once and for all, to declare bankruptcy.

I'm going to do it as soon as possible, but I was hoping someone on here wouldn't mind answering a few final questions that I have (sorry to be a bother!).

The first question I have relates to how the OR will calculate my income after I've declared bankruptcy. My income over the coming year will fluctuate a lot due to the fact that I'm working on a contract basis. Some months I won't earn enough to pay the rent, and some months I will earn more than I need, but overall I will earn enough to be able to pay the rent. My question is, will my OR take this into account and allow me to keep some extra money in the good months so that I can pay my rent in the bad months, provided that I can show him a clear schedule of the work I've got lined up for the year?

Secondly, I want to be discharged from bankruptcy as soon as possible and definitely sooner than one year. What do I need to do to make sure that this happens? As I understand it, it's typical for someone to be discharged in between 6 to 12 months.

skylight

Sandwich wrote: »

I've finally decided, once and for all, to declare bankruptcy.

I'm going to do it as soon as possible, but I was hoping someone on here wouldn't mind answering a few final questions that I have (sorry to be a bother!).

The first question I have relates to how the OR will calculate my income after I've declared bankruptcy. My income over the coming year will fluctuate a lot due to the fact that I'm working on a contract basis. Some months I won't earn enough to pay the rent, and some months I will earn more than I need, but overall I will earn enough to be able to pay the rent. My question is, will my OR take this into account and allow me to keep some extra money in the good months so that I can pay my rent in the bad months, provided that I can show him a clear schedule of the work I've got lined up for the year? The OR will take an average income per month and use that over the year. Therefore you can save the excess per good month.

Secondly, I want to be discharged from bankruptcy as soon as possible and definitely sooner than one year. What do I need to do to make sure that this happens? As I understand it, it's typical for someone to be discharged in between 6 to 12 months. There is nothing you can do to speed this up. It has nothing whatsoever to do with you and is entirely at the ORs discretion as to whether or not they put you forward. However, a speedy reply and return of any forms/questions etc certainly won't slow things down./QUOTE]


HTH

Sandwich

Thank you very much. That is extremely helpful.

When you say they will take the average income per month, does that mean my income this coming year, or my income for the previous year, because I've just been offered a job and that will mean that my income this coming year will be different to last.

Also, regarding the issue of discharge, do you happen to know what is typical in these situations? I.e. am I more likely than not to be discharged within 12 months?

debtinfo

you are most likely to be 12 months