New to Bankruptcy. What’s next?

NJPage

Divorce after 22 years later where no assets were involved and my ex took around £37 k loans in my name, I applied for bankruptcy at the start of this month and was granted on 5th of June. Since then I received a few emails, which I replied promptly. I never received a phone call and no documents being asked so far. Yesterday I received this email.

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Your income and expenditure has been reviewed and based on the information you provided you will not be asked to make a contribution from your disposable income to your bankruptcy estate through the form of an Income Payments Agreement.

Should there be a change in your employment status/income prior to your discharge from bankruptcy please inform me without delay.   Please note Section 333, Insolvency Act 1986 - Within 21 days of becoming aware of it, you must tell your trustee about any increase in your income before your bankruptcy ends and also during the lifetime of any Income Payments Agreement/Order to which you are subject.

 

Please Note:  I am only dealing with your income and expenditure.  The rest of your application will be dealt with by another department.

 

Yours sincerely

What does this means in terms of next steps? What should I expect next.

Thanks

sourcrates

It will go one of two ways, you might get a phone call or a letter from the OR`s office with a box ticking exercise for you to complete, or that will be the last you hear from them.

With simple, straightforward cases where there are no assets or other issues to determine, there`s not a lot to be said to be honest, they have already told you there won`t be an IPA, the only other thing would be a brief history of how your situation came about, but they don`t always do that.

It gets more involved with complex cases, unless your name is Katy Price, but otherwise you likely won`t hear from them again, and in 12 months your discharged.

dave3dtg

As sourcrates has said. I declared bankruptcy 03/2020. Other than a phone call a few weeks later and an exchange of emails I didn't have anything else happen. Opened a new bank account with Barclays which even had contactless and cracked on with life. If your earnings change or you receive a gift/inheritance during your bankruptcy it's best to tell them. If they find out they're within their rights to extend your bankruptcy up to 15 years. My Dad passed away a month after I declared bankrupt but, even though I was named in his Will, I didn't receive an inheritance due to my parents house being in trust...the OR couldn't get hold of it. I've now got a credit builder credit card from Zable which I use for most purchases but transfer the funds to cover my spending each day. I aim to die with a good credit rating which I now see as a challenge. Good luck!