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| T O P I C R E V I E W |
| BankruptBob |
Posted - 15 September 2009 : 18:19:33
My wife and I went bankrupt in April 2009. My wife doesn't work and doesn't have to pay anything towards her debts. I have been in full time employment and was told to pay £50 per month toward my debts. I have just been told that I will be made redundant but have been given the opportunity to take voluntary redundancy. Have been in continuous employment for 20 years I expect to receive a redundancy payment of approximately £40K.
We rent our home and we have no other assets. Will the official receiver take all of my redundancy pay or will they allow me to keep this money until I find a new job, as I need this money to feed, clothe and keep a roof over my family's head?
The £40K is the equivalent of one year salary. My wife is very ill with stress and depression caused by this situation. I am her only support and I also take/collect our son to/from school as she cannot leave the house. We do not receive any other personal or financial support. |
| 5 L A T E S T R E P L I E S (Newest First) |
| gettingoutofdebt |
Posted - 18 September 2009 : 18:22:31
That's fantastic news Bob, it's always nice to hear from people who have turned their lives around when they feel they are at their lowest point.
Treat your family to a holiday as you really sound like you deserve it. |
| mick1972a |
Posted - 18 September 2009 : 17:37:01
Thats loveley news Bob.
Good luck
Mick |
| Housing |
Posted - 17 September 2009 : 22:18:21
 Good luck to you and yours
Richard
"There are no problems - only solutions..." |
| BankruptBob |
Posted - 17 September 2009 : 21:46:04
You will not believe this...
I called CCCS today and spoke to their BR team as I had previously been on a debt management plan with them. I told them my situation and without going through the conversation word by word, they told me that by not sharing my redundancy payment with the OR, the worse case scenario would be that they take court action against me and I receive a custodial sentence.
I explained this to my wife who broke down in tears. Taking everything into consideration I knew I had to look at alternative jobs in my company. I produced my C.V. and found a job that I really didn't want to do as it would have required me to travel approximately 5 hours each day but you do what you have to do to ensure your family are kept safe.
I was seconds away from submitting my application, when I heard the letter box. My wife came running to me with a shocked look on her face. In her hand was a letter from the OR advising that I had been discharged from my BR after only 5 months.
I can now take the redundancy payout, treat my family and become my own boss.
What an unbelievable rollercoaster ride this has been over the past 3 days. If this was on T.V. you wouldn't believe it could happen in real life.
Our debts date back to the mid 1990's. This is the first time that we have been completely free of debts and now feel that we can start living our lives again.
I wish everyone currently in debt or bankrupt the best of luck - there is hope and light at the end of the tunnel... Dont give up.
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| gettingoutofdebt |
Posted - 15 September 2009 : 19:09:39
The redundancy payment will be treated as a windfall so if you receive it before you are discharged the OR will take most, if not all, of it.
You only have about 6 months of bankruptcy left (even less if you are lucky and get early discharge) is there a chance that you could hang on for 6 months and then get the redundancy?
Does the £40k cover the amount you owe creditors? If so then you could pay that amount and keep the rest. The BR could probably be annulled as you have paid the creditors and you may, or may not, have to pay the OR's fees. |
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