Bankrupcy and redundancy

Photoframe

Hi,

Has anybody gone through redundancy while bankrupt?
Husband made redundant last week. We went bankrupt in march. I think he will get around £4000 in a redundancy package.

Have spoke to OR today, who just says 'keep them in the loop' re if he gets a new job and how much he does get. I was under impression redundancy was an asset not income but OR didnt give much info so just wondering if anyone else has been in similar situation and what happened? Will see how much he gets and fingers crossed for new job then ring OR again.

Minkym00

Redundancy payments aren’t classed as income, they are classed as an asset. In your husbands case the OR could claim it as after-acquired property. You could try an argument that he be able to keep some to tied you over until he gets a new job?

terrence45

It'd be an asset, so claimable by the OR, however if neither of you are working then, depending on whether you're claiming benefits, £4000 as your only source of income could easily be swallowed up in living costs for a few months... We'd need to see your SOA.