Lottery win when bankrupt.

wharty

Hi everyone. Just a theoretical question if you dont mind.

If i won 2m on the lottery while bankrupt would my bankruptcy be annulled if i paid my creditors what i owed before the bankruptcy?

I owed around 70k.

Thanks.

philnicandevan

it'd be 70K plus OR's fees etc

wharty

philnicandevan wrote: »

it'd be 70K plus OR's fees etc

And is it the same say 10 years after discharge?

If in ten years i had 70k could i have it annulled?

tigerfeet2006

Yes. But again it will be the 70k plus the OR charges.

easygoingchap

If you are discharged, IPA or no IPA , I think the winnings are yours to enjoy and the or has no interest in them ?

Grumpy_Shunter

That's interesting, seeing as I won 38 million last night on the Euromillions.:beer:

tigerfeet2006

easygoingchap wrote: »

If you are discharged, IPA or no IPA , I think the winnings are yours to enjoy and the or has no interest in them ?

Yes that is true to an extent. If you were discharged with an IPA the OR would be interested in any earnings from the win ie: interest payments.

Wharty is asking if he does win after discharge and no IPA could he use the winnings to annul the BR like it never existed and he can.

tigerfeet2006

Grumpy_Shunter wrote: »

That's interesting, seeing as I won 38 million last night on the Euromillions.:beer:

Hey! Grumpy, there's a camel..............and it's flying :D

wharty

It's actually got me thinking though.
Obviously i haven't won the lottery but the 70k was between me and my wife. My wife probably owed about 20k or something. I am wondering if after discharge it may be worth saving the 20k to get her bankruptcy annulled? I know It could be used as a deposit for a house (the 20k) but at least we could get a mortgage sooner than we expected?

We have no IPA at the moment.

What do you think the OR fees would be? Would it be roughly the same as what we paid to go bankrupt? Also, would we have to pay all interest accrued to the creditors for the period we were bankrupt/discharged?

I know this is all theoretical, but it's a nice thought to have if you know at some point in the future it could be annulled.

Thanks.

dojoman

Cannot give you a definitive answer on exactly how much the fees would be, but you would need a hell of lot more than 20,000 that she went BR for.

As an aside, if you have no IPA meaning you have no excess income, how long would it take for you to save something like 20,000+?

wharty

dojoman wrote: »

Cannot give you a definitive answer on exactly how much the fees would be, but you would need a hell of lot more than 20,000 that she went BR for.

As an aside, if you have no IPA meaning you have no excess income, how long would it take for you to save something like 20,000+?

Not long when i go back to work Just finding a job that i am struggling with