Is BR the right option? Please help, new here!

sourcrates

Nothing will happen, you are discharged after 12 months, and that`s it.

If you have more than £20 per month disposable income, you may get an IPA (income payment arrangement) for up to 3 years, the OR will tell you is that`s the case, or not, nothing to stop you moving as far as i`m aware.

5 years later, the bankrupcy will fall off your credit file.

fatbelly

.
But then what will happen after the 12 months is up?
What hold will anyone have over me? 
Can I then look to move addresses and live with my girlfriend and get a full time job then or will someone be able to take any money out of what I earn?

I'm just so confused as to what I am/aren't allowed to do after the 12 months (I know I would have to inform the official received of any changes during the initial 12 months)

After 12 months you're discharged. If you have an income payments agreement that continues to the 3-year point.
You are discharged from all liability to qualifying debts. Only fraudulent debts and some odd things like student loans and court fines survive.
You can look to move but anyone running a credit check on you (for 6 years from the bankruptcy date) will see you have been bankrupt.

I think you're going to askabout the iPA so here's some info
https://www.citizensadvice.org.uk/debt-and-money/debt-solutions/bankruptcy-2/asked-to-make-an-income-payments-agreement/
https://www.insolvencydirect.bis.gov.uk/technicalmanual/Ch25-36/Chapter31/part7/part1/part1.htm

sammy32683

When you go bankrupt you have conditions for 12 months such as not being able to be a company director. After 12 months you are discharged but the bankruptcy will be on your credit file for 6 years from the date you go bankrupt. 

When you go bankrupt you provide your income/expenses to an official receiver who reviews them and if you have over £20 surplus income they set up a 3 year payment plan called an IPA. This plan can go up and down as you inform the official receiver when you have a change of circumstances such as more income or more expenses. They can then alter the payment plan to 0 if you can't afford anything or to whatever you surplus income is. Even if it goes to 0 the IPA remains in place for 3 years so if your income does go up you'll have to pay. This can be set up anytime before you are discharged. 

So if you go bankrupt and they don't set one but your income increases before 12 months discharge they can request an IPA. This would last 3 years from the date you went bankrupt. So if after 6 months you got another job they could set up an IPA for 2 years 6 months. 

If however you go the full 12 months without an IPA that is it you can't have one set up and any income you earn after the 12 months is fully yours.

Hope this helps! 

MalMonroe

Hi, Just to let you know that you will have to pay a fee of £680 to go bankrupt. And if I were you, before I actually did anything I'd contact one of the debt help agencies - I used StepChange when I had financial problems and they were excellent, there's also Citizens Advice - both links below. It's free to phone and they will be able to let you know whether or not they feel you are a good candidate for bankruptcy. If they do, they'll help you to apply. All free of charge. Having been in a similar position myself, I know that obtaining any credit for 6 years after you file for bankruptcy will be very difficult, even though you're discharged after a year, because your bankruptcy is recorded on your credit file for that period of time. Do take time to read these links, and contact one of the agencies, you won't regret it. 
https://!!!!!!/2Ys8LHl and https://!!!!!!/3hlT6lu

MIJ1986

From my incomings of roughly £350 I would near enough have zero left after general living expenses of food, public transport, toiletries, phone & internet and a goodwill payment of cash that I pay to my dad each month for allowing me to live under his roof so i don't think they would suggest and IPA as near enough all of what I have coming in would be going out.

If they did decide to put an IPA in place for example if I had £50 left over and this ran for 3 years, would I pay this for the year of bankruptcy and 2 years after that or would that be for 3 years after bankruptcy? 
Also, if they put this in place and after the initial 12 months is over and im no longer bankrupt I get a job can they then increase the £50 payments to more as I am then earning more? (From what I understand they have to make the IPA during the initial 12 months of bankruptcy and not after that has finished)


Thanks for replying and taking the time to help me, im just really stuck so trying to get some factual help and advice

MIJ1986

From my incomings of roughly £350 I would near enough have zero left after general living expenses of food, public transport, toiletries, phone & internet and a goodwill payment of cash that I pay to my dad each month for allowing me to live under his roof so i don't think they would suggest and IPA as near enough all of what I have coming in would be going out.

If they did decide to put an IPA in place for example if I had £50 left over and this ran for 3 years, would I pay this for the year of bankruptcy and 2 years after that or would that be for 3 years after bankruptcy? 
Also, if they put this in place and after the initial 12 months is over and im no longer bankrupt I get a job can they then increase the £50 payments to more as I am then earning more? (From what I understand they have to make the IPA during the initial 12 months of bankruptcy and not after that has finished)


Thanks for replying and taking the time to help me, im just really stuck so trying to get some factual help and advice

sourcrates

You won`t get an IPA on £350 per month, in Bankrupcy, you are allowed certain allowences for living expences etc, on their own they are more than what you earn, i suggest you claim all benefits you are entitled too, as the OR has a duty of care to you as well as your creditors and if Bankrupcy will not leave you sufficiant money to live on, it may not be approved.

Fighter1986

Based on what you've said you won't get an IPA. Don't worry about it. 

MIJ1986

In my expenditure I would be allowed to include a goodwill cash payment to my dad each month would I?
We have no official rent agreement or fixed amount, he lets me live there to try and sort all of this out and id just be giving him whatever cash I could afford for them to put towards bills etc for allowing me to stay there?

MIJ1986

sourcrates said:

You won`t get an IPA on £350 per month, in Bankrupcy, you are allowed certain allowences for living expences etc, on their own they are more than what you earn, i suggest you claim all benefits you are entitled too, as the OR has a duty of care to you as well as your creditors and if Bankrupcy will not leave you sufficiant money to live on, it may not be approved.

In my expenditure I would be allowed to include a goodwill cash payment to my dad each month would I?
We have no official rent agreement or fixed amount, he lets me live there to try and sort all of this out and id just be giving him whatever cash I could afford for them to put towards bills etc for allowing me to stay there?

Yes i would have zero left over but i would be fine with that because what i have included in my expenditure i would be able to live on that as that takes into account food, toiletries, leisure activities...

I just cant risk my bankruptcy being refused as id be in a real big mess then....help!!