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After acquired assets

ikati5
Posts: 356 Forumite


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.
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.
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Comments
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This might be a bit too technical for us. I've been a debt adviser for 20 years and never done an annulment.
Guidance saysYou 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
National Debtline might be better placed to advise on this than stepchange1 -
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 tomorrow0 -
Can you let us know what they say?0
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Will do. Might be Monday now though.0
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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?
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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.0 -
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.0
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Appointed officer0
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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.
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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.
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