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Good news...but what does it mean?
bizzylizzy
Posts: 642 Forumite
I'm in shock, but it's good news! I got a letter today saying I am now discharged!! 7 months, so an early one. :j
What does it mean in practical terms? How will my day to day life be any different (apart from KNOWING of course which is great, I can't stop smiling!)
If I suddenly came into lots of money, for instance, do I still have to tell the trustee? Can they take it? If my wages went up, do I have to tell? If my circumstances changed for the better, do they have to know?
By the way, none of the above is likely to happen, I just get optimistic sometimes!
Am I supposed to DO anything now? (Apart from smile!)
What does it mean in practical terms? How will my day to day life be any different (apart from KNOWING of course which is great, I can't stop smiling!)
If I suddenly came into lots of money, for instance, do I still have to tell the trustee? Can they take it? If my wages went up, do I have to tell? If my circumstances changed for the better, do they have to know?
By the way, none of the above is likely to happen, I just get optimistic sometimes!
Am I supposed to DO anything now? (Apart from smile!)
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Comments
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Some of the experts will be on shortly, but one question I have is do you have an IPA, if yes then you definitely have to keep the OR informed of any changes in 'income' for 3 years, what exactly is classed as 'imcome' I am not sure.Went BR 25th May 2007 at 12.33, OR Interview now done. :eek: BSC No 880
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No, I don't have an IPA.0
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If you dont have an IPA then I believe you are in the clear!Congratulations!0
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owetoomuch wrote: »Some of the experts will be on shortly, but one question I have is do you have an IPA, if yes then you definitely have to keep the OR informed of any changes in 'income' for 3 years, what exactly is classed as 'imcome' I am not sure.
Hi otm - just to clarify this point even though it is not applicable in bl's case. A bankrupt's obligation to inform the OR/Trustee of any change in income stops on the date of discharge.
BL - congratulations on your early discharge.I am NOT, nor do I profess to be, a Qualified Debt Adviser. I have made MANY mistakes and have OFTEN been the unwitting victim of the the shamefull tactics of the Financial Industry.
If any of my experiences, or the knowledge that I have gained from those experiences, can help anyone who finds themselves in similar circumstances, then my experiences have not been in vain.
HMRC Bankruptcy Statistic - 26th October 2006 - 23rd April 2007 BCSC Member No. 7
DFW Nerd # 166 PROUD TO BE DEALING WITH MY DEBTS0 -
So I don't have to inform the OR or trustee of any rise in income or windfalls? (I should be so lucky!)0
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If you win the lottery tonight,its all yours!0
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Hi otm - just to clarify this point even though it is not applicable in bl's case. A bankrupt's obligation to inform the OR/Trustee of any change in income stops on the date of discharge.
BL - congratulations on your early discharge.
Rog2 sorry, just going on memory of IPA letter I received from OR that because I have an IPA I have to let them know of increases to income for period of IPA even after discharge, unfortunately dont have a copy of it as I am waiting for it to be returned after being signed by OR (with him for over 2 weeks now). I do hope I am wrong on this.Went BR 25th May 2007 at 12.33, OR Interview now done. :eek: BSC No 880 -
owetoomuch wrote: »Rog2 sorry, just going on memory of IPA letter I received from OR that because I have an IPA I have to let them know of increases to income for period of IPA even after discharge, unfortunately dont have a copy of it as I am waiting for it to be returned after being signed by OR (with him for over 2 weeks now). I do hope I am wrong on this.
Hi again otm - just to put your, and bizzylizzy's, mind at rest, have a look at the following post from addicted2chocolate (who works for the Insolvency Service):
I hope this clarifies your situation.I am NOT, nor do I profess to be, a Qualified Debt Adviser. I have made MANY mistakes and have OFTEN been the unwitting victim of the the shamefull tactics of the Financial Industry.
If any of my experiences, or the knowledge that I have gained from those experiences, can help anyone who finds themselves in similar circumstances, then my experiences have not been in vain.
HMRC Bankruptcy Statistic - 26th October 2006 - 23rd April 2007 BCSC Member No. 7
DFW Nerd # 166 PROUD TO BE DEALING WITH MY DEBTS0 -
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