After acquired assets

ikati5

Hi
i went bankrupt in March 2021, for £34,773.33p
i am on esa and pip due to a neck injury.
my biggest debt is council tax and my council is not on the  agreeable to IVA list.
2 weeks ago, my longest friend died suddenly and unexpectedly, leaving me some money, approx £60k but this has not been confirmed by a solicitor.
I thought that the OR would take my inheritance, deduct the debts and fees and give me the change.
however I have learned that they will appoint a trustee and tax the money so there will be very little, if anything left.
I am looking into a lump sum Iva but I’m not sure how to go about it. I spoke to step change, who recommended a legal advice line called Civil something but they don’t deal with bankruptcy so I’m stumped.
any advice? Particularly on a witness statement to the court for anullment.

fatbelly

This might be a bit too technical for us. I've been a debt adviser for 20 years and never done an annulment.

Guidance says

You can apply to cancel (‘annul’) your bankruptcy if:

• the bankruptcy order should not have been made
• all your debts and bankruptcy fees have been paid or secured (guaranteed) by a third party
• you‘ve made an Individual Voluntary Arrangement with your creditors to pay all or part of your debts

but if your creditors will not agree to an IVA then none of these three things apply and you're back to dealing with the OR who will regard the 60k as an after-acquired asset.

National Debtline might be better placed to advise on this than stepchange

ikati5

Thank you for responding. I think a lump sum IVA is full debt payment, so they are more likely to accept it but the whole thing is over complicated, so it’s anybody’s guess.
I’ll call ND tomorrow 

fatbelly

Can you let us know what they say?

ikati5

Will do. Might be Monday now though.

Minkym00

I thought that the OR would take my inheritance, deduct the debts and fees and give me the change.
however I have learned that they will appoint a trustee and tax the money so there will be very little, if anything left.

First off, when you say you have learned they will appoint a trustee, what do you mean? Has the OR told you that this is their intention?

ikati5

A solicitor who deals with bankruptcy told me, They will appoint a trustee because there is an asset, which will incur fees. Also, the money will be paid Into the OR bank account and taxed.
I currently have no assets, therefore no trustee.

ikati5

I can only speak with the appointment officer looking after my case and they have said I need to give the executor the Insolvency service details so they can deal with them directly.

ikati5

Appointed officer

ikati5

Update for Fatbelly..
I contacted ND and she basically read out to me the information you find when googling.
she knew less than I did and could not offer an advisor specialising in BK issues.
 

fatbelly

ikati5 said:

Update for Fatbelly..
I contacted ND and she basically read out to me the information you find when googling.
she knew less than I did and could not offer an advisor specialising in BK issues.
 

That's where debt advice is heading. ND has gone sadly downhill.