BR & Windfalls

Broken_hearted

No its not the BR needs to tell the OR not try to hide it. I've seen too many posts on how to hide assets, inheritance and windfalls.

Broken_hearted

Thats a cost incurred by you going bankrupt why shouldn't they charge.

fermi

Broken_hearted wrote: »

No its not the BR needs to tell the OR not try to hide it. I've seen too many posts on how to hide assets, inheritance and windfalls.

Agreed in part. Anyone foolish enough to attempt to hide those things is creating their own trouble, since the OR has seen every trick in the book (and then some). In attempting that you are committing an offence, which could come back and bite you even many years down the line.

However it still stands that after bankruptcy the debts are no longer legally owed by the bankrupt, except through the estate.

Perhaps you should take the time to explain your comments in a fuller fashion if you do not wish for them to be taken in the wrong way or misconstrued. But past evidence suggests you enjoy the argument too much for that.:rolleyes:

wherediditallgo

Broken_hearted wrote: »

Simple if you come into money you owe it to your creditors there is no grey area.

fermi wrote: »

Once you are bankrupt the only legal payments that can be made to creditors are the ones through your bankruptcy estate. The OR/Trustee of that estate decides whether windfalls, income or assets form part of that estate according to the primary and secondary insolvency legislation.

It is not the bankrupts decision, nor should it be.

So your above statement is utter twaddle.

Spot on, fermi. When I won £200 at bingo, it was my responsibility to declare it, not because it was income, but because a change in my circumstances had occurred resulting in me having £200 more that month than defined by info on my SOA. I fulfilled my obligations, & my OR said I could keep it. It wasn't my decision, it was his. Who knows, he might have made the same decision if I'd won £2000, but he could just as easily have said "Your IPA is £50pm for 36 months, so I will expect you to use the £200 to make four IPA payments & I'll inform the agent accordingly".

BH, the way you post sometimes, you'd think BRs can run to creditors proffering money every time they've got a few pounds extra. You seem to expect them to do exactly that, because they owe money, creditors should get the money, yada yada yada yawn yawn yawn. It's the same old tune played by a very old & battered fiddle well past its best days. Face the following facts -

• BRs can't offer money to creditors no matter how much you might want them to.
• When someone pays into an IPA, they are servicing their debts in a legal & appropriate manner. The case has been assessed & the figure agreed on both sides. If you don't agree either with the procedure or the amount, that's kinda tough.
• ORs aren't consistent in their decisions. Some people aren't allowed to have things that others are, some ORs are more sympathetic than others. That's life. We live with that even if we don't like it.

BRs don't always agree with ORs decisions. You don't either. But unless you're prepared to actually put your gripes about bankruptcy in a more public arena & work to get the bankruptcy regulations & requirements changed, it's pointless for you to keep scratching at the BR itch you've got. Get over it. "Broken hearted" you may be (& the world's smallest violin is playing quieter every day on that score :rolleyes:), but there's no need to be "Absent hearted" too. It's gone past being judgemental. Now it's just plain boring.

Broken_hearted

Boring when the crash kicks in thanks to all the BR and bad credit it will be very interesting.

wherediditallgo

Broken_hearted wrote: »

Boring when the crash kicks in thanks to all the BR and bad credit it will be very interesting.

Yes, it will. Because on that day that you seem so desperate to see to prove your point people will be talking about far more important things, such as wondering if their jobs are safe, or whether they'll be able to pay their mortgage, whether the Bank of England will back the bank that can't pay its loans etc. They won't be sitting here reading yet another post from you along the lines of "We're dooooooomed", & thinking about the rights & wrongs of the bankruptcy procedures. Why? Because they'll have more important things to think about, & they won't have wasted far too much time begrudging legal decisions that may have meant some people got things they didn't particularly agree with. They probably also had enough sense to realise months/years before that "There but for the grace of God go I" could apply to anyone, & know living in the past moaning "It's not fair that X got this & I didn't" or "Why was Z allowed to do that & I wasn't?" isn't actually living at all. They might not have much money, but they rate love, caring for others etc & being cared for by others more highly.

rog2

Broken_hearted wrote: »

No its not the BR needs to tell the OR not try to hide it. I've seen too many posts on how to hide assets, inheritance and windfalls.

That is only true if the windfall occurs during the actual bankruptcy period, so if a bankrupt is given early discharge there is no obligation to inform the OR/Trustee. As fermi has already pinted out, an IPA is based on income.
If a bankrupt feels morally obliged to use some of any 'windfall' to make payments to creditors after the Bankruptcy period then that is, of course, up to them.
One could, also, argue that if creditors had a fair sense of morality there would be fewer bankruptcies.

Reevesie76

Its hubby's birthday today and my mum has bought him 5 lines on the lottery (she does this for everyone).

Now what happens if we win big on Saturday (obvioulsy this is soooooooo unlikely to happen, but it would be s*ds law wouldn't it).

Say we won something like £70,000 or the big one of over £1m, would the OR take what he is owed and what the creditors are owed and leave us the rest or would he take the lot?

Just wondering, afterall you never know

custard_cream_3

If you win, then your mum bought the lottery tickets for you, and not him.

Simple eh!

rog2

Broken_hearted wrote: »

Boring when the crash kicks in thanks to all the BR and bad credit it will be very interesting.

Well, BH, the 'crash' has well and truly 'kicked in' now - strange how the 'blame' is being laid fairly and squarely at greed driven financial institutions, rather than Bankrupts and credit defaulters.