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Earnings, deductions and bankruptcy
EvermoreMatt
Posts: 2 Newbie
Hi,
New to this, I'm currently looking at declaring myself bankrupt (Scotland, so sequestration technically) but one thing that's going through my head is earnings, I've just lost my business and will never make the money I could have done there. I've got some freelance work but will pay not a huge amount so I'm thinking any contribution back towards my debts will be minimal. My question is once in bankruptcy is there any motivation to earn more or get a higher paid job or is every penny then sucked hip by the receiver or trustee? Just wondering?
New to this, I'm currently looking at declaring myself bankrupt (Scotland, so sequestration technically) but one thing that's going through my head is earnings, I've just lost my business and will never make the money I could have done there. I've got some freelance work but will pay not a huge amount so I'm thinking any contribution back towards my debts will be minimal. My question is once in bankruptcy is there any motivation to earn more or get a higher paid job or is every penny then sucked hip by the receiver or trustee? Just wondering?
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Comments
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Also read somewhere you're only allowed £20 per month after your basic living expenses, is this true? Or is that after a social life budget?0
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