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| T O P I C R E V I E W |
| CMJ |
Posted - 04 October 2008 : 11:53:13
will I lose my house if myself and my husband go bankrut?
How much are we allowed to live off for the bankruptcy period?
After 12 months do we have full control of our accounts again? |
| 1 L A T E S T R E P L I E S (Newest First) |
| BankruptC |
Posted - 04 October 2008 : 12:11:55
Hi CMJ and welcome to the forum! :-)
We'd need more info to be able to tell you about the house situation. Is there any equity in the house?
With regards to how much you'll be allowed to live off, that depends on your income and how much disposable income you have left after all essential items are paid for. If you have over £100, the OR would take a percentage of that for your creditors (from 50-70% depending on your level of DI). This is called an IPA.
Finally, you will have full control of your money throughout the bankruptcy period, but as mentioned above, you may need to pay into an IPA. Unless your circumstances change and you can no longer afford the IPA, you will continue to pay this for 36 months (ie another 2 years after discharge).
Of course there are restrictions which would apply during your bankruptcy period. You are not allowed to take credit of over £500, you can't hold certain posts or be company director for example.
Hope that helps a bit. BR is a minefield, so make sure you get professional advice before making your final decision. CAB, CCCS, National Debt Line, and of course our own helpline are available for you to discuss your options.
Take care and keep posting!
C. x |
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