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Dawn.1
Starting Member
1 Posts |
 Posted - 02 December 2011 : 15:09:12
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| i want to go bankrupt as we have over 60,000 worth of debts, once we do it and we find a job, do we have to pay anything back |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 02 December 2011 : 15:40:31
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Hello there and a warm welcome to the forum
In order to file for bankruptcy you will complete a statement of affirs which details your debts, income and expenditure. Following the making of the bankruptcy order the Official Receiver will hold an interview with you, where your income and expenditure will be assessed. If your have a 'disposable income' (income left over after all allowable expenditre deducted = disposable income)greater than £20 then the Official Receiver will make an Income Payments Order (IPO)to set up a repayment plan for you, which will last usually 36 months (or until there are any changes, if income increases your payment may go up, if income decreases payment will also decrease)
When you are made bankrupt you will be expected to inform the Official receiver's of any changes to your income/status etc during the 12 month period of the bankruptcy.
Therfore you may not be working at the time that you are made bankrupt, and if that is the case you would not have an IPO made aginst you, but if your situation changed and you obtained employment an IPO may be set up at that stage.
If however, you are not able to obtain employement during the 12 month period of your bankruptcy - then there will be no IPO and yhou willnot pay anything back
Hope this helps, Melanie
Melanie Nicholas CertDR
30 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
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Do we have to pay anything back ?
