bankcrupcy

Legacy_user

hi just want to know after doing the budget calcalator with pay plan leaving me 270 disponsable income
if i went with the bankcrupcy route do i stil make payments with this 270 like in a iva
or does bankcrupcy just get wipped off
thank u guys

Minkym00

Bankruptcy will wipe off your debts (except debts if incurred by fraud, student loans and child maintenance arrears).

If you have surplus income the OR will look to claim that via an Income Payments Arrangement every month for 3 years.

luvchocolate

Pop you S.O.A on here and we can take a look to make sure you have included everything.
If you have a surplus of £20 plus the surplus can be taken in an I.P.A for three years ...this includes the £20

System

will do
a dnt mind losing my horm behonest as not much equity init around 10k
n its this house why we are in this situation behonest its literally house what jack built.
if declared bankcrupt and i loose my home it says online you are given time to find a home to rent wen have children etc
would landlords accept rent with guantor and rent in advance via my family lending me the money
sorry for question just tryna fink of all the angles
stressed and worried to max

also why finding a new home do you have to contine to pay morgage when youn are losing the home
thank u so much

Annie35

If you decide to give up the house you'll want to move out & get fixed in your new place first, it will be neigh on impossible to arrange a rental when in BR. You then stop paying mortgage & can go BR. The bank & OR will deal with everything. This is what I did.

Do think incredibly hard about giving up a secure ownership thou, it will be a very long time, much higher deposit & likely much higher interest to ever get back on & rentals are not guaranteed security.

Could you sell & downsize? Get a lodger? Downsize, go BR & keep ownership?

Minkym00

Is it jointly owned? Do you have partner and/or children living in it?

If there is less than £20-30k equity then the OR is highly unlikely to force the sale of your house. But they have 3 years to deal with it.

System

hi thank u for your replys
joint moragage we are married with 2 children 2n 3
reason im this mess is loans after loans because house we bought looked perfect but the wonan had literally everyfin done on cheap
completely ripped offf this was 2 years ago when we bought for 154000
we have 141ish morgage left but my opinion house wudnt get more than 150k of we sold astate agent sed we paid top dollar for it nn sine alot of damages with the kids.

nn my son has been diagsed with autisim and my mum who lulks after my children full time cannot cope
so forced to leave me job of 10 years
me n wife both work same place but she earns more and her job more secue than mine.

my mum did say she pay 6month rent upfront for me if she has too like

debt_doctor

Hi,

If you as a bankrupt person have no income from earnings or a pension then you cannot get an IPA to claim monthly payments towards your bankruptcy.

DD

System

hi ye we have an income
total with benefits around 2500

debt_doctor

You said that you were forced to give up your job of 10 years. Are you working again?

DD

System

hi nope i will get carers alowance for looking after my son
my wife earns 1385 after tax amonth
child benefit universal credit carers and dla middle rate
it comes to 2500
im new to this benefit thing but i have no choice as my mum cannot cope and really struggling looking after kids