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feather
Junior Member
185 Posts |
 Posted - 18 June 2008 : 22:28:50
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Hi,
Im pretty sure I am going to declare bankruptcy. I have made the decission to pack up and make a frest start in another country after years of worry.
I keep hearing that I will need to pay a fee for 3 years after which I am upset about as it doesnt seem like a frest start
I was wanting to quit my job and leave the country but what will happen in this situation? Should I tell them about my plans? What will happen if I do / dont tell them? many thanks
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Edited by - feather on 18 June 2008 22:29:25 |
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jurell922
Junior Member
United Kingdom
187 Posts |
Posted - 18 June 2008 : 23:04:48
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Hi Feather,
I am in a similar situation as you. My Australian Visa has just arrived. I have declared myself BR and have my interview tomorrow where I will disclose what I want to do. I have recently been made redundant and know that the 3 year arrangement is based on income - outgoings. I will write to you once I have discussed with the OR.
Jurell |
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melanie_giles
Senior Member
1191 Posts |
Posted - 19 June 2008 : 07:59:47
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When you borrow money there is a responsibility on your part to pay it back - and if that means that there is a repayment schedule set up following your bankrutpcy, as a result of you having surplus income which is available to pay creditors, then this is something that you will have to face. If you have no disposable income then the matter is academic, but you must be honest and truthful with the OR.
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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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 19 June 2008 : 11:23:38
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Hi Feather and welcome to the forum.
The OR will look at your income and expenses. If you have a disposable income in excess of £100 a month, the OR will look at an IPO/IPA to take between 50% and 70% every month for the next 3 years. However, if you are discharged without receiving an IPO/IPA, then you won't get one and could win the lottery and the OR couldn't touch a penny!
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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making a fresh start in another country ?
