What happens after Bankruptcy? What do you do?

scootw1

What i meant was, does the OR get bank statements throughout the year and see what you are spending your surplus on? they don't allow gym membership in your IPA calculation so would it be allowed out of your surplus?

standingupformyself

Hi. My hubby declared himself bankrupt last April. Although it was a very anxious and horrible period of time, on the whole it was quite painless. Fortunately for us we live in a council house so our home was safe. Yes, they closed down every bank account in his name. However immediatly after the order was made we had to open another account, this is standard practice, otherwise we would not have been able to have any wages paid into our account etc... there are a couple accounts out there that accept bankrupts, Barclays and Nationwide. If I can help you in any other way please just ask..... We did not have anyone to turn to and learnt everything first hand !!!

Bakeybadoo

scootw1 wrote: »

What i meant was, does the OR get bank statements throughout the year and see what you are spending your surplus on? they don't allow gym membership in your IPA calculation so would it be allowed out of your surplus?

Your surplus income is yours do to whatever you choose BUT if you had 'x' amount given to you or as a bonus and we are talking enough for a gym subscription for a year, then yes, that's a big enough change that you'd have to report that to the OR. They may change your IPA payments, they might not.

magicgirl

I am 'considering' bankruptcy but Hoping to get it sorted next week. had major personal issues that delayed me doing it sooner! Sorry for no responding sooner. I have had no internet access!

DEBTMONKEY1A

Hi savagevixen,

Ok....I did the deed on 21 June this year. My income is variable (I'm delf-employed but get a 'wage' from commision every month).As my expenditure exceeded my average income (I took the last 12 months & divided by 12) no IPA (ie having to pay the OR money each month for 3 years-even though the BR should be 1 year maximum) NO IPA WAS MADE.

After you've been to Court & had a phone/or face-to face interview (I preferred this as my earnings are quite complicated & any questions can be asked at the time) in general THAT'S IT. You won't hear from the OR again at all-apart from if they consider you eligable for early discharge (& if your affairs are straightforward, no property & you give the OR all the facts in an upfront/honest way & it's just consumer debt...not gambling/fraud etc) in which case you'll get a letter. If you don't get early discharge (rare-95% do) then you'll STILL not here from the OR again-a year after you're discharged & that's it.

They are very very busy people....& most people (me included!) find it odd that after such a life-changing, brave decision & the court/meeting THAT IS IT. NO MORE CONTACT in most cases....fvree to live your life!

Don't forget you have tto have £90 a month or more before the OR can apply for an IPA-so don't forget to post your I & expenditure on here BEFORE you file-there are many things you will be allowed & the ammounts for say housekeeping are generous-I'm single & they'll allow £235 on food/housekeeping alone! Also-'meals at work' meaning the odd takeaway/sarnie at lunch can be separate-£55 a month is the max for this for a single guy.

If you have LESS than £90 a month-or indeed your 'outgoings' on paper exceed your income-NO IPA IS MADE.

Without being flippant about the seriousness of it all THE PROCESS IS EASY & the releif is tangible. I owed god knows how much tax/ni going back years-I convinced myself I'd be locked up for it-NOTHING-written off in full!

Another thing...if you are behind with council tax if the council have taken you to court & got a 'liability order' then the council tax for that WHOLE YEAR is written off. They took me to court 1 week prior to me going BR-result! No Council tax until mext April!

Also-YOU ONLY HAVE TO SUBMIT REGULAR FORMS REGARDING INCOME IF A)-YOU HAVE OVER £90 A MONTH 'SPARE' & YOUR INCOME VARIES MONTHLY & -IF & ONLY IF AN IPA IS MADE. And yes-you CAN have a current a/c-co-op cashminder is the best. Open after BR to be safe (has a debit card-visa electron). You can get a pre-paid mastercard-cash plus in my opinion is the best-costs a tenner-that you 'load' at the post office & a pre-paid maestro card called 'bread card' (google it). So you can have all the facilities of a current a/c (minus cheque book) but with no credit of course.

Sorry to ramble but after OR MEETING-nothing happens (IN MOST CASES!)-just live your life without the worry of debts!

philnicandamy

anybody notice...Vix posted this in MARCH 2007

betterlatethannever

philnicandamy wrote: »

anybody notice...Vix posted this in MARCH 2007

ermmmm nope:rolleyes:

NekoZombie

philnicandamy wrote: »

anybody notice...Vix posted this in MARCH 2007

DebtMonkey is a newbie so obviously doesn't know Vix (as if they did, they wouldn't be giving Vix advice on how to go bankrupt ). :rotfl::rotfl:

DEBTMONKEY1A

Ooopssssssssssssssssss!!

philnicandamy

:d :d :d :d