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kissinger
Starting Member
8 Posts |
 Posted - 13 June 2012 : 17:37:37
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After you have declared and then, 12 months later, been discharged from bankruptcy, are you still obligated to inform your official receiver of any change in circumstances regarding your income or are you allowed to then keep any extra that you make?
Thanks in advance,
Jake. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 13 June 2012 : 17:49:40
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Hi and welcome.
Do you have an IPA?
Ascend may you find no resistance
Know that you made such a difference
All you leave behind will live to the end
The cycle of suffering goes on
But memories of you stay strong
Someday I too will fly and find you again
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 13 June 2012 : 17:59:25
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Hi Jake,
If you have an IPA, then yes, you need to keep them informed for the 3 years you are paying it.
If you didn't get an IPA, then you don't have to inform them after discharge.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp |
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kissinger
Starting Member
8 Posts |
Posted - 13 June 2012 : 18:26:39
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Viki, are you sure about that?
I spoke to the CCCS today and they specifically stated that after I have been discharged from bankruptcy I am under no obligation to inform the OR of any change in circumstances regarding my income. That's also what it says here:
http://bankruptcy.org.uk/archives/item/19767-how-much-will-i-pay-into-my-bankruptcy
I also asked the CCCS if that means that, if my income increases after I've been discharged from bankruptcy, I get to keep any extra disposable income I earn, and they said that yes, I do. |
Edited by - kissinger on 13 June 2012 18:28:14 |
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Viki.W
forum expert
United Kingdom
2211 Posts |
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debtinfo
forum expert
2826 Posts |
Posted - 13 June 2012 : 18:39:51
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| As viki says, if you get an IPA then you need to report any income changes, in fact if you do get one and ypu look at the bottom of the agreement that you sign it says exactly that |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 13 June 2012 : 18:52:23
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Agree with Viki and debtinfo.
If you have an IPA/IPO then you have to inform the OR if your circumstances change.
Ascend may you find no resistance
Know that you made such a difference
All you leave behind will live to the end
The cycle of suffering goes on
But memories of you stay strong
Someday I too will fly and find you again
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year 2029
Average Member
590 Posts |
Posted - 13 June 2012 : 19:10:43
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Kissinger, do you have an IPA?
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
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kissinger
Starting Member
8 Posts |
Posted - 13 June 2012 : 19:13:21
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Okay, thanks for the information. It's just that I spoke to the CCCS today and they told me differently.
Also, no I don't have an IPA yet, but I'm considering declaring bankruptcy. |
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year 2029
Average Member
590 Posts |
Posted - 13 June 2012 : 19:17:45
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Hi Kissinger,
It'll all basically come down to whether you end up with an IPA or not.
If you have excess of income over £20, after all allowable expenses have been taken off, then you will probably end up with an IPA, and as has been said, you will have to keep the OR informed of financial changes within that IPA period, which is normally 36 payments.
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
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kissinger
Starting Member
8 Posts |
Posted - 13 June 2012 : 19:29:14
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That's unfortunate. I wish it was only for the duration of the bankruptcy.
Can I also just ask, what will determine if I will receive an IPA or not? If I was to declare bankruptcy tomorrow and I have less than £20 disposable income each month, will that mean that I won't receive an IPA?
If so, what happens if my income increases in a few months time, while I'm still an undischarged bankrupt?
Thanks for your help everyone. It is really appreciated. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 13 June 2012 : 19:35:03
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If you have less than £20 per month DI then you won't get an IPA - if your circumstances change before discharge then the OR will need to know.
Ascend may you find no resistance
Know that you made such a difference
All you leave behind will live to the end
The cycle of suffering goes on
But memories of you stay strong
Someday I too will fly and find you again
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 13 June 2012 : 19:42:14
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As Niobe has said, you won't get an IPA if you don't have the disposable income, but if your circumstances change for the better, then the OR has the 12 months that you are bankrupt to set an IPA.
If you don't have any disposable income for the duration of your bankruptcy then as soon as you are discharged, you don't have to inform them and all your disposable income is yours to keep.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp |
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Topic |
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After discharge are you obligated to inform OR of any change in circumstances ?
