Bankruptcy & Redundancy

Evening all.
I am hoping to get some advice, I have searched around the internet quite a lot and cannot quite find the straight answer that I am looking for, I noticed there are some threads here with similar titles but again I cannot find the answer I am looking for.

I am currently declared bankrupt, and still a good 30 months away from my discharge.
I am possibly being made redundant next week, I am wanting to know whether I have to pay my (very small) redundancy package to the official receiver or if I will be able to keep the money to live off of to pay things such as rent, car tax/insurance, food etc.

The person dealing with my case is incredibly hard to get a hold of so that is why I am posting here trying to find an answer, I did find section "31.5.34 Redundancy payments – an after acquired asset" of an insolvency manual type thing, but it seems to be worded in some sort of legal way that is really over my my head and I don't understand.

Thanks in advance for any answers.

Comments

  • luvchocolate
    luvchocolate Posts: 3,239
    First Anniversary Name Dropper First Post Home Insurance Hacker!
    Forumite
    Hi..when did you declare BR? Your post said you are 30 months away from discharge..was this a typing error as discharge occurs 12 months from BR 
  • Hi..when did you declare BR? Your post said you are 30 months away from discharge..was this a typing error as discharge occurs 12 months from BR 
    Thanks for the swift reply, I just done a little research and realised myself that discharge was 12 usually 12 months later if you are cooperative aha, so I would say i am probably around 9 months away from discharge.
  • flipflopflo
    flipflopflo Posts: 485
    First Anniversary First Post Name Dropper
    Forumite
    edited 4 November 2020 at 8:05PM
    My reading of the legislation is the OR will take the whole lot as after aquired property. Hopefully @fatbelly or @sourcrates will be able to advise.
  • fatbelly
    fatbelly Posts: 20,202
    Name Dropper First Anniversary First Post Cashback Cashier
    Forumite
    Yes, 31.5.34 Redundancy payments – an after acquired asset is from the Technical Manual.

    Redundancy Payments are Property and that goes to the OR.
  • My reading of the legislation is the OR will take the whole lot as after aquired property. Hopefully @fatbelly or @sourcrates will be able to advise.
    fatbelly said:
    Yes, 31.5.34 Redundancy payments – an after acquired asset is from the Technical Manual.

    Redundancy Payments are Property and that goes to the OR.
    That’s awfully depressing
Meet your Ambassadors

Categories

  • All Categories
  • 341.7K Banking & Borrowing
  • 249.7K Reduce Debt & Boost Income
  • 449.1K Spending & Discounts
  • 233.8K Work, Benefits & Business
  • 605.9K Mortgages, Homes & Bills
  • 172.3K Life & Family
  • 246.7K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards