I entered bankruptcy in May of 2010. Now my Trustee is telling me that I need to pay a proportion of my earnings since that date to pay my creditors. He has never mentioned this before. Further, he is saying that my monthly expenses are exempt from this levy, but he has made no allowance for the fact that my monthly expenses take no account of the VAT and Income Tax on the earnings which generate them. I feel that I am being ripped off: the whole point of entering bankruptcy was to clear the decks to let me start again.
That might have been the whole point for you, but it always comes with the other half which is paying as much back to creditors within the rules as possible.
You need to engage with your trustee and make sensible provisions for reasonable expenses and Tax. If you simply tell them that you dont want to pay anything it wont go down very well
It does seem slightly odd that 7 months down the line your Income and Expenditure is brought into question. However, as Debtinfo has so correctly pointed out, you must discuss with your Trustee and tell them about your circumstances. You have to be left with enough money to live on.
Hi Jason.br it is strange that your I&E has now only been assessed 7 months after bankruptcy, can you clarify what you mean by trustee? is it the OR, or is it an IP( if so the OR handed it over to an IP because of assets etc).
You say that no account is given for VAT and income tax, so can it be taken that you are trading in some sort of capacity?
By clarifying those points, it may give a reason why the trustee has taken this course of action.
I entered bankruptcy in May of 2010
Posted - 07 December 2010 : 05:17:13
