| T O P I C R E V I E W |
| rafa1985 |
Posted - 17 January 2010 : 13:34:05
I am currently Bankrupt and due to be discharged in May.
What will it mean and how does it affect me to be discharged?
I am not looking to get another loan or be a Director of a company so what are the benefits? |
| 7 L A T E S T R E P L I E S (Newest First) |
| gettingoutofdebt |
Posted - 18 January 2010 : 15:34:07
Yes, you will need to inform the OR of any changes in income until the IPA is completed. The good news is that once you are discharged any windfalls (lottery wins, inheritance, etc.) do not need to be declared. |
| xmas baby |
Posted - 18 January 2010 : 12:06:16
Hi all,
I am due to be discharged in early March and I have an IPA. Am I correct in thinking that I still need to inform the OR if my income increases/decreases? If so, is this applicable for the entire duration of my IPA?
Also, if I receive a windfall or any other monies, such as lottery winnings or overtime, does this also need to be declared even if I am discharged but in a IPA?
Thanks
xmas baby |
| Skippy |
Posted - 17 January 2010 : 14:03:58
In case you wonder where it's gone I deleted your other post as it was a duplicate of this one x
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
30 IPA payments made, 6 to go - the end is in sight! |
| debtinfo |
Posted - 17 January 2010 : 14:00:28
Bear in mind though that you do still have to co-operate with the OR if necessary and that if (and only if) you are subject to an IPA/IPO then you have to still update them with changes in encome and expenditure |
| Housing |
Posted - 17 January 2010 : 13:53:47
Hi rafa,
As a discharged bankrupt you are free from your bankruptcy debts and free from the restrictions of bankruptcy. If a bankruptcy restriction order or bankruptcy restriction undertaking is in place then the restrictions of bankruptcy will continue even after discharge. This can be up to 5 years, between 5- 10 years and between 10 - 15 years.
Becoming a discharged bankrupt usually happens automatically on the first anniversary of the bankruptcy. In exceptional cases the process of discharge can be suspended. This is normally if you have not cooperated with the Trustee in bankruptcy
Hope this assists, Richard
"Life is generally something that happens elsewhere" (Alan Bennett - author and hero of mine!!) |
| debtinfo |
Posted - 17 January 2010 : 13:45:46
The main benefit in your case then is that, the debts have been officially discharged (they are only on hold during the bankruptcy) and that any Assets you receive are yours to keep |
| Blackie |
Posted - 17 January 2010 : 13:44:52
The main benefits are that you are not answerabe to the Insolvency Service any longer and the bankruptcy restrictions are lifted. You can now earn more money or receive a windfall without telling the OR. Your credit rating will start to repair itself over the next few years and you can start to rebuild your life.
All the best
John Blackadder |
