Unsure what happens after discharged from sequestriation

coolcait

Tough question, fermi - and maybe one which the lawyers culd get their teeth into.

If I hadn't read this thread, I would have said - unhesitatingly - that there's still a duty to report a change in circumstances immediately. Even after the date of personal discharge, if an IPA/IPO is in place.

Because that's basically the approach which is taken by trustees - usually citing Section 64.

And that's likely to be the approach which the OP's trustee will take.

There might be the possibility of a challenge - though I do think that Section 64 is loose enough to cover most possibilities, but tight enough to be drawn round the debtor's neck if the trustee sees fit

The lawyers would decide.

confused_29_year_old

coolcait wrote: »

Interesting stuff, fermi - I wasn't aware of that history with English IPAs. Then again, it can be exciting enough keeping up with the changes and proposed changes in the Scottish legislation! :rotfl:

Thank you for you wisdom coolcait and also fermi. It seems like I will not be saving any money till this ordeal is over in year 3.

A final question..? is ther any limits to the fee? and can the trustee ask for a large some of money from you if they feel you have surplus money in your account.

coolcait

I think you're talking about the Income Payment Agreement (IPA).

This is the amount you're paying towards your bankruptcy each month, out of your surplus income/disposable income.

Your trustee will have assessed the amount of surplus/disposable income, based on how much you had coming in each month, and how much you were paying out on essentials.

He'll do the same again, now that your income has gone up. So, it's very important to make sure that you haven't missed out any of the essentials you're paying out each month. Otherwise, the trustee might calculate a higher amount of surplus income than you actually have!

If you put an SoA up on this board, people will be able to point out anything you've missed.

The trustee's fees come out of the money which goes into the bankruptcy, and before the creditors get their share. The trustee can't ask you to pay towards their fees directly.