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Stephen.01
Starting Member
2 Posts |
 Posted - 09 December 2010 : 14:16:27
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| I have received a letter of petition for bankruptcy from a creditor. I have no assets and rent my property. My only form of income is Job Seekers allowance. Unfortunately I was made redundant from work last year. I have no savings. I am still actively job hunting. If I am taken to Court and declared Bankrupt, if my circumstances change within the year of being declared bankrupt - will this change in financial circumstances be taken into account? |
Edited by - Stephen.01 on 09 December 2010 14:50:04 |
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 09 December 2010 : 14:57:32
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Hi Stephen,
under your present circumstances, it is unlikely that you would have to pay into an IPA, and if the job prospects are not good, your case may not be reviewed, but at the present time the insolvency service is looking to generate more fee income from such things as IPA's, so even though there would be no chance of an IPA initially, the OR could do a review in say 6 months to ascertain if your circumstances have changed.
However without knowing the circumstances leading to your bankruptcy, you may qualify for ED(early discharge), as once you are discharged from bankruptcy then an IPA cannot be sought. In your case the best thing to do is be fully co-operative with the OR, and if and when declared bankrupt, contact the OR's office( the court will tell you) that will deal with your case as soon as possible, rather than waiting for a letter from the OR for an appointment.
Big Al |
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Stephen.01
Starting Member
2 Posts |
Posted - 09 December 2010 : 15:12:03
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quote:
Originally posted by Bigal4787
Hi Stephen,
under your present circumstances, it is unlikely that you would have to pay into an IPA, and if the job prospects are not good, your case may not be reviewed, but at the present time the insolvency service is looking to generate more fee income from such things as IPA's, so even though there would be no chance of an IPA initially, the OR could do a review in say 6 months to ascertain if your circumstances have changed.
However without knowing the circumstances leading to your bankruptcy, you may qualify for ED(early discharge), as once you are discharged from bankruptcy then an IPA cannot be sought. In your case the best thing to do is be fully co-operative with the OR, and if and when declared bankrupt, contact the OR's office( the court will tell you) that will deal with your case as soon as possible, rather than waiting for a letter from the OR for an appointment.
Big Al
Thanks for the reply - most helpful.
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Petition for bankruptcy
