I was offically made bankrupt last week, am currently unemployed and now looking for work. I'm hoping to get a job for a month or two and then move form Scotland to London where I will be able to find the kind of job I'm looking for in the long term. I don't have to make any monthly contributions at the moment as I'm unemployed, but am wondering....will I be allowed to save up money for a couple of months once I get a job, so that I can relocate and afford the first months rent and general living expenses, or will I be expected to make monthly contributions as soon as I get a job towards paying the cost of the bankruptcy?
The OR will expect you to let them know within 28 days of any change in circumstances. This may mean some of your disposable income will be taken but you will be able to retain 30-50% of it.
Just to add it can take a while for the IPA to be set up so if you're lucky, you may have a month or two between your income increasing and your first IPA payment.
Thanks for the advice. So it looks like I'll be able to save some money for a month and then might have to contribute at least half of what I save in the second month. The problem will be when I get down to London I won't be able to afford to pay any contributions because the nature of my work means I'll be on a very low wage for a year or two anyway, but I guess I can just inform the OR of this and they'll make the necessary adjustments to the money I have to pay.
I was offically made bankrupt last week
Posted - 04 November 2008 : 11:35:04
