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mst
Junior Member
254 Posts |
 Posted - 13 June 2008 : 22:24:13
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Hello again everyone,
From my understanding once you enter BR you are usually discharged 12 months following. I have been told from my job of 11 years that I may be made redundant but that it is not liekly to be in the next year (and possibly not at all). On this website it states that windfalls received after you have been discharged from BR are not seized by the OR. I am just wondering if this includes redundancy? The chances are that redundancy would be a generous payment and coupled with any IPO I assume I will end up paying would probably mean that the debts would be paid off, however I would be out of a job with no means to support my rent/bills etc?
Do any of the forum experts know how redundancy payments are treated during and after discharge from BR? |
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melanie_giles
Senior Member
1191 Posts |
Posted - 15 June 2008 : 12:19:06
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Hi there mst and sorry it has taken so long for someone to answer your post.
Your redundancy payment would not be a windfall if it was received after your discharge from bankruptcy, and in any case should firstly be used as compensation for loss of office. If it received during the bankruptcy, the OR will agree an allowance to be retained for future living costs - perhaps for a three month period and would claim the balance.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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mst
Junior Member
254 Posts |
Posted - 15 June 2008 : 18:34:59
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Hello again Melanie and thank you for this reply. I still am a little confused, I did read in another forum that even though some people are given a BRO which extends the Bankuptcy restrictions to beyond 12 months they are still "discharged from BR" after the 12 months. So assuming I take the secondment to Manila and following my return I am officially outside the 12 month period, if I am made redundant I will get to keep all the redundancy payout (even though I might still be within a 3 year IPO?).
Sorry if I am not making myself clear. |
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melanie_giles
Senior Member
1191 Posts |
Posted - 15 June 2008 : 19:41:40
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Discharge from bankruptcy is not the same as having a restrictions order - so long as you are discharged the fact that you may have a restrictions order will not affect monies received post-discharge which are yours to keep.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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mst
Junior Member
254 Posts |
Posted - 15 June 2008 : 22:08:11
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Many thanks Melanie,
This is the one decent piece of news I have had in the last few weeks. Please ignore my question included on the forum post by debtrider.
Mst |
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BR and redundancy
