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T O P I C R E V I E W
John.10
Posted - 17 February 2011 : 09:04:58 hello, myself and my wife have failed ivas. we are going to go to work to petition for our bankruptcy. i have been offered severance pay and will be taking this, but has not yet been finalised. my wife works we have 3 children and 2 step children under 18. what will happen to my severance pay if i get it before we go to court and petition and it has to go down as cash in hand or money in the bank? what happens if i receive it after i petition and are declared bankrupt as my monthly wage will be on the form? although i am aware i will have to tell the judge i have applied for severance pay and am just waiting for the final letter. thank you for any help. just worried we will be left with nothing to live on. i intend to do agency work and am not sure how that works as income as my wage will be varied from month to month according to availability of work
2 L A T E S T R E P L I E S (Newest First)
Gina.hn
Posted - 18 February 2011 : 13:47:35 hello, my husband couldnt log on as the email registration has not turned up. Anyway he offered 13k in full and final offer of his iva and we were going to carry mine on, but it was refused they only get to have 16k over the term of the iva. we will wait until he receives severance and use it to pay and fund life. wont the receiver want this as cash in hand? thats if it isnt spent. Thanks for the reply
Richard P
Posted - 17 February 2011 : 13:08:34 HI John
Why rush into bankruptcy ?
you could use the severence to pay for your BR fees (court and professional services), that would be acceptable.
if it is a substantial amount could this be used to negotiate closure with all of the creditors ?
if you go BR first the likely hood is that the OR will want the lot.
