we are just to enter bankrupcy and have a couple of questions, first what if any property can be taken ie we are renting and use a company car sonothing there my husband has tools for work and gardening tools, also we have sky for tv phone computer. will any of this be taken. also after reading many questions on the forum there seem so many abreviations ipo bro ect. very confused, also my husband will be 63 shortly so dont wont to carry on into retirement, what is the longest we might have to pay back. our debt is about 38k
with regard to your queries, you have not assets (of items that you have stated that the OR (official Receiver) would take) computers etc are these days taken as essential items With regard to IPO this is an Income Payment Order - the OR will go through your income and expenditure with you - if you have a disposable income (ie income minus allowed excpenditure) greater than £20 the OR will set up an income payment order which has a maximum duration of 36 months - ie you pay over to the bankruptcy any excess funds over £20 for 36 months towards your debts - if you do not have a disposable income you do not pay anything Hope this helps
Melanie
Melanie Nicholas CertDR 30 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles
we are just to enter bankrupcy and have a couple oF questions
Posted - 25 August 2011 : 15:49:09
