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phoenixlad
Starting Member
United Kingdom
3 Posts |
 Posted - 19 October 2011 : 15:38:58
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Hi, firstly I'm delighted to find a forum dedicated to BR, it's a lonely road.
I have a question if anyone can answer it for me.
I have only till the new year when my BR is cleared (Fingers crossed. I currently out of work trying to find a job but, what happens to my bankrupsy if I find a job before the discharge? and what happens if I find a job the discharge?
Thank you
Graham |
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phoenixlad
Starting Member
United Kingdom
3 Posts |
Posted - 19 October 2011 : 15:44:53
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Hi, I feel the need to retype my question, sorry about the previous errors.
I have only until the new year when my BR is cleared (Fingers crossed). I'm currently out of work trying to find a job but, what happens to my bankrupsy if I find a job 'before' the discharge? and what happens if I find a job 'after' the discharge?
Thanks again
Graham |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 19 October 2011 : 15:47:38
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Hi there and a warm welcome to the forum
Congratulations on nearly coming to the end of your bankruptcy. As you were,when you went bankrupt, and have continued to be, out of work, you would not have been subject to an Income Payments Order (IPO)- (an order made where an individual has a disposableincome, and therefore this is taken by the OR for a period of 36 months)
If you were to find work and receive paymnent before you received your discharge from bankruptcy, you would be duty bound to inform the OR that you now have an income, and then you would be assessed for an IPO - if you had any disposable income this would then be collected by the OR.
However, if you did not obtain work, or start work until after you have been discharged you would not have to tell the OR - which basically means any disposable income would be yours to keep!
Good luck on the job front! Melanie
Melanie Nicholas CertDR
30 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
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phoenixlad
Starting Member
United Kingdom
3 Posts |
Posted - 19 October 2011 : 15:57:22
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Hi, Melanie
Thank you and thank you so much for your reply so soon.
So, if I've understand it correctly, hypothetically, I'm better off unemployed until the discharge on January 1st, so avoiding the IPO? and once discharged, if I find work afterwards no further action is taken or any future wages affected? Have I understood that correctly?
Graham |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 19 October 2011 : 22:47:56
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Hi Graham,
You can work, you will be allowed to offset any expenditure.
what is left is allocated to the OR and potentially a 3yr IPA.
i can see the thought process but if you get a long term job offer with massive £££ then take the job and pay the IPA.
each job offer has to be reviewed on the financial package.
once discharged with no IPA you could win the lottery and it will be all yours
Good Luck Richard,
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