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m88
Junior Member
159 Posts |
 Posted - 21 December 2009 : 22:37:35
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| i have the chance of ED after around 6 months,i also could have chance of taking my pension early so therefore increasing my income after 8 months where would i stand with OR -thanks |
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Blackie
forum expert
United Kingdom
565 Posts |
Posted - 22 December 2009 : 16:08:06
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Whilst your bankruptcy restrictions are lifted on an ED, you are still subject to the 'windfall' clause until your 12 months (the standard length of a bankruptcy) is complete. Therefore you would be obliged to inform the OR and complete an Income and Expenditure form. You may be liable for contributions.
John Blackadder |
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m88
Junior Member
159 Posts |
Posted - 22 December 2009 : 16:26:18
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so any lumpsum would be taken
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Blackie
forum expert
United Kingdom
565 Posts |
Posted - 22 December 2009 : 16:40:25
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Sorry M88, I misled you. Any windfall is yours to keep after you have been discharged from bankruptcy, even if it is an early discharge. You do NOT need to tell the OR.
John Blackadder |
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m88
Junior Member
159 Posts |
Posted - 22 December 2009 : 16:48:04
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just felt sick for about half a hour--feel a lot better now-cheers
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Blackie
forum expert
United Kingdom
565 Posts |
Posted - 22 December 2009 : 17:14:00
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Sorry about that!!
John Blackadder |
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m88
Junior Member
159 Posts |
Posted - 22 December 2009 : 17:20:06
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thanks for your time
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m88
Junior Member
159 Posts |
Posted - 22 December 2009 : 17:54:35
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blackie sorry to go on ,but in a answer to jolojoe ,you say you are answerable to OR for a year even if ED(question about wage increase)-got to obviouly get this spot on-YOUR REPLY DEC 1ST
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Edited by - m88 on 22 December 2009 18:02:29 |
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debtinfo
forum expert
2826 Posts |
Posted - 22 December 2009 : 18:48:42
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Hi M88, when you receive a pension lump sum it is an after aquired asset.
this is the OR's guidance on claiming after aquired assets.
31.8.2 Background
In the context of insolvency legislation, after-acquired property refers to property (but not income) which is acquired by, or devolves upon, the bankrupt after the making of the bankruptcy order and before he/she is discharged. Even if the trustee only becomes aware of such property after the bankrupt’s discharge, it may be clamed for the estate providing it was acquired by, or devolved upon, the bankrupt between the date of the bankruptcy order and the date of discharge
so it is the date of discharge that matters |
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m88
Junior Member
159 Posts |
Posted - 22 December 2009 : 19:25:52
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so if i get a ED, but receive lumpsum 2 months later where do i stand
(in laymans terms )-think i follow that but just want it confirming
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Edited by - m88 on 22 December 2009 19:28:36 |
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debtinfo
forum expert
2826 Posts |
Posted - 22 December 2009 : 19:35:07
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| you will get to keep it |
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m88
Junior Member
159 Posts |
Posted - 22 December 2009 : 19:57:36
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thanks for your time and effort ,really appreciate it-cheers.
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Topic |
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i have the chance of ED after around 6 months
