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T O P I C R E V I E W
ellie.9
Posted - 26 July 2010 : 13:29:59 Does bankruptcy effect the address i am living at? (I rent a room from a friend). What effect will this have on them and their property if I go ahead?
Would I have to make Payments for a full 3 years even thought the bankruptcy last 12 months?
Who takes charge of my bank accounts etc?
Do I receive my wages and pay money to the receiver or do they get my wages, will I have to tell my employer?
I understand I cannot practise as an accountant with a bankruptcy order? but i can still work cant I?
1 L A T E S T R E P L I E S (Newest First)
gettingoutofdebt
Posted - 26 July 2010 : 15:12:31 BR shouldn't affect the address you are living at but the OR may contact your landlord/friend to check there is any outstanding rent that needs to be included in your BR.
If you get an IPA then it lasts for 36 months however it goes up and down depending upon your disposable income (DI). If you have £100 or more DI then you will pay an IPA. If during the 36 months your DI drops below £100 then the payments will stop.
You are still in charge of your bank account but you are only allowed a basic bank account while BR. Most people open a Co-op Cashminder account as they are BR friendly.
Your wages are still paid into your bank account. The OR uses a solicitor (MoonBeever) to collect any payments. You can set up a Standing Order to make any payments you need to pay to the OR/MoonBeever with your bank.
You won't need to inform your employer that you are BR unless this is specified in your employment contract. You will probably receive a NT Tax Code, which will be sent by HMRC to your HR Dept.
There is no reason you can't work when BR but, depending upon what you do, you may need to inform your employer or have difficulty in continuing with your current job. Finance is normally one area where you will have problems continuing to work while you are BR.
