Bankrupcty - what if I change jobs and get lower pay?

sadpootle

Hi all

Just a thought; I am considering bankruptcy. I am also extremely unhappy in my current job and I am considering changing careers some time in the future.

If I went bankrupt and then left my current job to start one with a lower salary, how will that affect my bankruptcy? Would I be allowed to get a job with a lower income?

Conor_3

Yes you can. If you're on a BRO, you would have to notify the OR who would then adjust the repayments.

fermi

IPA/IPO not BRO. See: http://bankruptcy.informe.com/income-payment-agreements-ipas-dt18.html

paul_62

everyones circumstance is different this is all i know about your post.
Declared myself bankrupt early this year, told official receiver i only had 18 months of my present contract left so would have to find new job and accomodation.
they told me because of this i would not be able to enter into an IPA so to date have not paid a penny back

sadpootle

Brief info on my situation: doing an IVA, spread over 6 years, cannot afford the monthly repayments anymore, considering bankrupcty.

What if I changed jobs BEFORE I declared myself bankrupt, and it was less than what I am on now? I have been offered some excellent jobs but have had to turn them down because I a) can barely afford to live on what I have anyway and b) I fear that would count against me if I declared myself bankrupt anyway.

So it looks like for the time being I will have to stay in this job and slowly die emoitionally and mentally.............:eek:

paul_62

i'm no legal expert just saying from own experience, i couldn't enter into an IVA (debt too high). after bankrupcy went through and was speaking to official receiver she said as i've disposible income i could enter into an IPA. when i explained i only had 18 months of my contract left she said i couldn't enter into one as i wouldn't be able to make the payments when i change jobs - i do have to inform them if i have any change in circumstances (a higher paid job or extended contract may fall into that catergory)