Hi I am booked into my local court for a bankruptcy hearing on the 27th of jan. I am filling in the forms and have hit a few snags, i went to the CAB for advice and they were fantastic but i still have some questions. My current job is working as a semi contractor for a company contracted to network rail (i pay tax and NI via the payroll and get holiday pay), i work on a shift by shift basis and my income changes from month to month. I have recently had a couple of high wages than is normal but this is not representative of my usual income will this be used as a case for making me pay money each month. My main concern with this is that the work is drying up as Network rail are not employing contractors as much and my income is likely to take a fall in the coming months but i cant show this will this be taken into account? I dont want the OR to decide on a payment schedule based on my last two pay slips. What do i do? Also I have a house jointly owned with my mum which she paid the deposit on and which i have no interest in. But i have recently taken on a DSS tennent where do i put this on the form? how will that affect my petition?
What are the circumstances of being refused a bankruptcy petition? I am worried that this might happen hopefully unreasonably so.
I am panicking that i will not have enough information and the OR will think i have more money than i do which will put me back to square one.
The OR's initial assesment will be based on an average of the previous three months wages. However, if you get an IPA/IPO and your circumstances change, your payments can be re-assessed and amended accordingly (up or down).
It is very unusual for a BR to be declined. The most common reason is if you were in an IVA and couldn't present the court a letter from your IP confirming the IVA has failed. The only other main reason is if the judge deems you not to be insolvent (eg. unsecured debts of £30k with £100k equity in a property).
I have answered your other question in the other post.
Julian Donnelly Spokesperson for www.Bankruptcyhelp.org.uk Don't forget the helpline on 0800 078 9367
booked into my local court for a bankruptcy
Posted - 11 January 2009 : 23:41:45
