Bank and income

CCD2027

Hi there,

I have decided to apply for bankruptcy as my debts are far too high to manage, an IVA is out of the question as my partner and my income is slightly too high (his salary is much larger than mine). Whilst I am dreading the process, I do believe this is the only way to for me to get out of this mess. If anyone has the time, I have some questions:

Will the OR set a limit on what I am allowed to earn, for example, I have two jobs (I'm a nurse) so my salary fluctuates monthly. Will they take the majority of my additional income each month after living expenses? I wonder if I earn say £2.5k a month, they will leave me with £1k or even less. Also, how long do they take payments?

I contribute to household bills and the mortgage (the property is not in my name which is a god send here) - will this be taking into consideration as expenditure?

My partner is going to give me a supplementary amex card which he is liable for, is this ok? Technically it's 

We have a joint bank account which I am going to remove myself from prior to submitting the application, I will open another bank account and start depositing my salary in there. I will withdraw some cash to tide my over but how long will my account be frozen?

Will my partner suffer in any way of me going bankrupt?

Thank you in advance. 

 

sourcrates

I would suggest you take advice before you go bankrupt, as you may be deemed to have a beneficial interest in the house.

There is a standard budget, with set limits, anything over £20 disposable monthly income would see an IPA for up to 3 years.

A new basic bank account with a bankruptcy friendly bank may not be frozen.

You do not want to be sharing any joint financial products with your partner.