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joelizzie
Starting Member
United Kingdom
7 Posts |
 Posted - 30 May 2011 : 19:19:33
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| Sorry to ask another question, my hubby still wants to go br in july, rather than wait until september, when i get my redunancy. Just so i know, if we do go br at the end of july, i then get my redunancy in september, when we speak to the or and tell him that we have borrowed the money, for the br and it has to be paid back out of my redunancy money, will they allow this, i dont want to borrow some of the money and then be told that i have to hand over all my redunancy money, which btw is just over two thousand,. would it be the whole amount or do they let you keep it,to live on while looking for another job? Thanks so much x |
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debtinfo
forum expert
2826 Posts |
Posted - 30 May 2011 : 20:02:30
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| basically, no you cannot do that, if the money is received during the bankruptcy it will go to the OR, it is only if you receive it before that it comes to you and you can use it for essentials |
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 30 May 2011 : 23:27:20
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Hi,
basically debtinfo is correct, I dealt with similar cases as an examiner, where the OR agreed that the bankrupt could retain a portion of the money, with the remainder going to the OR for the bankruptcy estate.
However, these days when the the Insolvency Service is trying to squeeze as much money out of people as they can,things may not be the same, however one thing you shouldn't do is borrow against the redundancy money, as remember once bankrupt all unsecured debt is claimed in bankruptcy, and so technically you wouldn't have to pay it back. The slant the OR may take is that you borrowed money just prior to bankruptcy, knowing that you wouldn't have to pay it back( you probably didn't, but it would look highly suspicious).
Big Al
Insolvency examiner with the Insolvency service from April 2008 - July 2010.
If you need help completing SOA's(statement of affairs) or PIQ's(preliminary information questionnaire) if you've been declared bankrupt, or anything else and you're within 30 miles or so of Warrington, then please contact me via my contact details in the expert page for futher details"
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Borrowing against redundancy money for BR fees?
