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jayne1984
Junior Member
176 Posts |
 Posted - 14 July 2008 : 15:33:35
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Hello,
I have recently been declared bankrupt with £35,000 worth of debt after closing down my business.
I was self employed for 4 years and in that time had no wages. As I have closed down the business I am unemployed (although I am actively looking for work).
My monthly out goings are £613.20. Currently I have no income (I am not entitled to Job Seekers Allowance) and I do not own my own property or have any dependants.
What will the OR do about taking money from me now? or when I get a job? I have estimated my earnings at about 13,500 yearly before tax which works out at about £900 a month after tax.
Regards Jayne
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Suzanne
Average Member
United Kingdom
869 Posts |
Posted - 14 July 2008 : 15:43:21
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Hi Jayne
If you are currently unemployed you have no income. If your circumstances change during the period of your bankruptcy you should tell the OR and they will review your income and expenditure.
Why are you not eligiable for Job Seekers Allowance, Income Support or other benefits?
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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jayne1984
Junior Member
176 Posts |
Posted - 14 July 2008 : 15:50:46
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I have a class 2 NI exemption certificate – which means I was not earning enough to pay any NI which means I don’t qualify for Contributions based JSA and I live with my partner and his wages are put us over the threshold of qualifying for Income based JSA.
So currently the OR would not be about to take any money from me. However, when I get a job say with £13,500 per year but after tax etc coming out with £900 per month and outgoing for £613 leaving £287 disposable income how much are the likely to take from me?
I have had no contact from the OR yet … how can I estimate how long I’ll be bankrupt for?
Thanks Jayne
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Suzanne
Average Member
United Kingdom
869 Posts |
Posted - 14 July 2008 : 16:38:53
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Standard bankruptcy is 12 months, but if there are no issues that may cause them concern or any misconduct, you may be eligible for an early discharge which could be between 6-9 months
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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jayne1984
Junior Member
176 Posts |
Posted - 14 July 2008 : 16:42:55
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thanks for the reply. would it make any difference if i became employed during the bankrupcy regarding the early dischange?
thanks |
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BankruptC
Senior Member
1030 Posts |
Posted - 14 July 2008 : 16:43:41
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Hi again Suzanne,
Sorry to jump in, but when you say 'misconduct', what could that be? Also, not that I plan to do anything which could be classed as misconduct of course (!), but how do they know? Do they monitor your bank account etc until you are discharged?
Just wondering what to expect during the 12 months! :-)
Thanks,
I |
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Suzanne
Average Member
United Kingdom
869 Posts |
Posted - 14 July 2008 : 16:48:35
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Hi Both
No it would not matter if you became employed during the bankruptcy, but you would have to inform the OR so they could review you income & expenditure. It would have no impact on your ED.
Misconduct would only refer to actions prior to bankruptcy that are not bad enough for a BRU/BRO but are sufficient to not allow an early discharge.
They don't monitor anything directly during a bankruptcy.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 14 July 2008 : 16:48:45
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Hi Ian,
There is quite a fine line between misconduct and fraud. For example, taking a new loan and making one payment before going BR is not fraud, but can be seen as misconduct as the OR would argue that you took the loan out with no intention of paying it back.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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Advice about the OR please
