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Nina.mn
Starting Member
3 Posts |
 Posted - 10 March 2011 : 11:37:35
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My friend is thinking of becoming bankrupt to due to high debts and being repossessed nearly two years ago and credit card companies are still chasing him.He is in so much distress he cannot even do any research so I am doing this on his behalf.
What items is he allowed to keep and does he have to pay the creditors out of his wages after his living expenses. Will he be allowed to support his mother as he has being doing so far. If so how much is he allowed to contribute to his mother once he becomes bankrupt.How much does it cost him to file for bankruptcy and who decides whether he is bacnkrupt for one year or three years.
Many thanks
Nina |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 10 March 2011 : 12:01:16
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Hi Nina
well done and thank you for helping your friend.
£600 to declare BR which is for one year
if your income dictates you may have an ipa for 3 years.
you may be best to get one of the experts to speak to both of you to help with direction.
Richard |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 10 March 2011 : 12:04:46
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Hi Nina and welcome.
Sorry to hear that your friend has such problems, but what a good mate you are to help out.
He can keep any normal, everyday things unless he owns any antiques, expensive cars or anything like that.
If he has a disposable income of over £20 a month after the normal bills have been paid then he will have an income payment agreement for three years.
Not sure about supporting his mother, one of the experts can help with that.
It will cost him £600 to file for bankruptcy. He can print off the forms from the Insolvency Service website and fill them in from there.
He will be bankrupt for a maximum of twelve months unless anything untoward shows up but if he gets an IPA that will continue for three years.
Double, double toil and trouble;
Fire burn, and cauldron bubble.
Jan
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debtinfo
forum expert
2826 Posts |
Posted - 10 March 2011 : 13:25:20
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| why does he support his mother, does she not receive any benefits of her own, how much does he support her, do the live in the same house, it is difficult to say with limited information |
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Nina.mn
Starting Member
3 Posts |
Posted - 10 March 2011 : 16:51:37
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quote:
Originally posted by debtinfo
why does he support his mother, does she not receive any benefits of her own, how much does he support her, do the live in the same house, it is difficult to say with limited information
Hi the reason he supports his mother is because whatever they pay her is not enough so he out of the goodness of his heart helps out after paying rent and his living expenses. I believe you are legally allowed to help out with £196 per month after your own expenses to elderly parents. They don't live in the same house. This is what I need to find out for him as well.
Many thanks
Nina
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Nina.mn
Starting Member
3 Posts |
Posted - 10 March 2011 : 16:55:07
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quote:
Originally posted by kallis3
Hi Nina and welcome.
Sorry to hear that your friend has such problems, but what a good mate you are to help out.
He can keep any normal, everyday things unless he owns any antiques, expensive cars or anything like that.
If he has a disposable income of over £20 a month after the normal bills have been paid then he will have an income payment agreement for three years
Not sure about supporting his mother, one of the experts can help with that.
It will cost him £600 to file for bankruptcy. He can print off the forms from the Insolvency Service website and fill them in from there.
He will be bankrupt for a maximum of twelve months unless anything untoward shows up but if he gets an IPA that will continue for three years.
Double, double toil and trouble;
Fire burn, and cauldron bubble.
Jan
xx
Hi Jan
Thanks for your advice. One never knows in life when anyone of us would go bankrupt as you cannot tell what human beings may do to destroy each other through greed or otherwise.
All I can do is to help him out as one day I may need his help. Who knows what future brings to any one of us.
Many thanks
Nina
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debtinfo
forum expert
2826 Posts |
Posted - 10 March 2011 : 16:58:23
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| ok, does she work, is she ill, if so what sort of benefits does she get |
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My friend is in so much distress I'm helping
