Bankruptcy today

sammy32683

If your only income is benefits it's highly unlikely they will set up an IPA. Also your bank will find out about the bankruptcy, block your account and the OR will send them a letter saying they have no interest in the account assuming you don't have a hidden fortune in there 😁. 

I banked with HSBC who blocked it probably 2 weeks after I went BR then they received the OR letter a couple days later and I called them and they unblocked it. So make sure you take cash out or transfer money out of it if you can just to survive on if it does take longer to unblock.

Good luck, I'm only 3 months BR but far far far less stress and worry and things seem to just be settling down. 

mwarby

the bankruptcy manual rules out an IPA when income is solely made up of benefits, so for now there is no risk of an IPA. Of course if circumstances change before discharge, an IPA might come up then

SkintSquaddie

As of 07.50am this morning I am now declared bankrupt

george_112

Day one of a fresh start! 

SkintSquaddie

george_112 said:

Day one of a fresh start! 

Yep I agree

sammy32683

Just as a note now you have your bankruptcy order. You can tell creditors who call you are now bankrupt and forward them the order or tell them your BR reference. The OR will contact them all but I had some still chasing me from day of bankruptcy up to two months after and it was just easier to forward them the order than wait for the OR letter to get to them. I have no calls or letter anymore. 

SkintSquaddie

sammy32683 said:

Just as a note now you have your bankruptcy order. You can tell creditors who call you are now bankrupt and forward them the order or tell them your BR reference. The OR will contact them all but I had some still chasing me from day of bankruptcy up to two months after and it was just easier to forward them the order than wait for the OR letter to get to them. I have no calls or letter anymore. 

Thanks I started doing that yesterday but some of them were still clueless so I just ended up telling them my OR will speak to them in due course

SkintSquaddie

Received my bankruptcy forms today to sign and return the official receiver also stated he doesn't need to interview me further so all in all it all seems well and I'm on my way to recovery so to speak

RattyIrk

I have been discharged a little while now.  During my year I was self employed and worked part time to ensure I didn't get an IPA.  Was well worth income sacrifice that year.  Sounds like you will be fine.  I heard very little from the OR after the first couple of months.  I suspect they will be overrun with businesses failing and people losing their jobs due to Covid.  

dave3dtg

Good luck! I declared bankruptcy on 06/03 have had nothing from them at all apart from an email with about 10 questions. My bank accounts are still up and running and I've just carried on as normal without the stress. I'm just ignoring creditors. The only thing I'm worried about is being removed from my Mum's will for a year and, if I came into some money, paying off debts which I wasn't obliged to pay but included them anyway  (which is subject to a separate topic).