BR Query

lucy7509

Hi everyone

Can you please advise me if my husbands pension would be affected by going BR?

Currently, his business has gone down and having waited months to tell me, he knows how I worry, he told me he may have to file for BR. He is currently collecting his state pension, and two smaller, all together would not even pay the rent, much less anything else. Would he lose these also?

Any advise would be welcome.:)

Richard_S

lucy7509 wrote: »

Hi everyone

Can you please advise me if my husbands pension would be affected by going BR?

Currently, his business has gone down and having waited months to tell me, he knows how I worry, he told me he may have to file for BR. He is currently collecting his state pension, and two smaller, all together would not even pay the rent, much less anything else. Would he lose these also?

Any advise would be welcome.:)

Hi lucy,

There would be no problem with the state pension and there isn't usually any problem with private ones; the only exceptions are:

1. There was a pension that was sold some time ago and it doesn't qualify as being exempt for some reason; the information is available on the I.S website or at fermi's fingertips.:D

2. If the pension has been used to hide funds that should have been used to pay creditors,i.e. if the normal payments into the plan were £100 per month and then jumped to £500 in the last six months before bankruptcy then there'd be some questions asked.

The O.R wouldn't touch the income from the pensions unless your income exceeded your expenditure by more the £100 /month.

Richard

fermi

Richard_S wrote: »

1. There was a pension that was sold some time ago and it doesn't qualify as being exempt for some reason; the information is available on the I.S website or at fermi's fingertips.:D

It is here:

What will happen to my pension? http://www.insolvency.gov.uk/guidanceleaflets/pension/pension.htm

lucy7509

Hi

He has made no payments towards these pensions in years, one he started collecting about 5 years old, and the others just started this month.

We are just trying to ascertain what we may lose, can you please clarify if I am affected in any way because he goes bankrupt.

Thanks for the link, I will have a look at that.

Kind Regards

Lucy7509