Leaving one of my jobs before bankruptcy

chickpeaz · 19 July 2018 at 1:55PM

I quit one of my part time jobs this month as my husband is now earning more and I'm going to focus on building up my own self-employed work. My last pay date will be the end of this month and I'm thinking of submitting my bankruptcy application around the same time.

Now I'm wondering if it would be best to wait until the end of next month to submit the application, so they can see that I'm not receiving that income any more. Or if they will just believe me when I tell them? Anyone got any idea?

silvercar · 19 July 2018 at 5:28PM

If the only question is proof you have finished working then the P45 will be evidence enough.

National_Debtline · 19 July 2018 at 5:51PM

Hi chickpeaz

My advice would be to simply submit the application whenever it suits you to do so - for most people, that will be at the earliest opportunity once they have the fees cobbled together and are good to go.

Regardless of your working arrangements at the precise moment point you take the plunge, it'll just be a matter of informing the Official Receiver's office of any changes in circumstances as and when they occur.

Dennis
@natdebtline

silvercar · 19 July 2018 at 10:15PM

National_Debtline wrote: »

Hi chickpeaz

My advice would be to simply submit the application whenever it suits you to do so - for most people, that will be at the earliest opportunity once they have the fees cobbled together and are good to go.

Regardless of your working arrangements at the precise moment point you take the plunge, it'll just be a matter of informing the Official Receiver's office of any changes in circumstances as and when they occur.

Dennis
@natdebtline

But timing is everything.

If OP went bankrupt and kept the job going initially, they could get an IPA even for a month or so. Then reporting a change of circumstances would result in the IPA being reduced to zero. But the IPA would stay in existence along with reporting requirements for 36 months.

If OP gave up this job then went bankrupt and that meant no IPA, they would only get an IPA (and the associated 36 months monitoring) if they earned enough to be given an IPA during the year of bankruptcy. After that they would be free to earn as much as they wanted after discharge.

roughsea · 20 July 2018 at 10:26AM

I also had 2 jobs and a large wage and told the OR in the meeting I was going to leave one job and go part-time on the other and take a break due to stress.

OR can not make you work and to be fair bankruptcy is a clean slate and why should you carry on paying part of your wage or the next 3 years.

I'm now discharged and happy days

chickpeaz · 26 July 2018 at 3:36PM

silvercar wrote: »

But timing is everything.

If OP went bankrupt and kept the job going initially, they could get an IPA even for a month or so. Then reporting a change of circumstances would result in the IPA being reduced to zero. But the IPA would stay in existence along with reporting requirements for 36 months.

If OP gave up this job then went bankrupt and that meant no IPA, they would only get an IPA (and the associated 36 months monitoring) if they earned enough to be given an IPA during the year of bankruptcy. After that they would be free to earn as much as they wanted after discharge.

Thanks, yes that's what I was thinking. Better to quit the job first and have a clean break so everything's clear and reduce the risk of an IPA.

Ironically on the same day I handed in my notice, my husband lost his job. So now we don't know what's going to happen income-wise and I'm reluctant to submit my application now when everything's so uncertain...

Leaving one of my jobs before bankruptcy

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