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T O P I C R E V I E W
jenny.ds
Posted - 17 August 2009 : 19:06:41 Hello I am looking to go bankrupt. I am pregnant and due to a change in circumstances I can n longer meet the payments on my IVA. I have £3000 in savings which I got from selling my car. This money os being used to fund the baby stuff that I need as well as furniture for my rented home once I move. Will the courts take this off me?
2 L A T E S T R E P L I E S (Newest First)
Daniel Griffiths
Posted - 17 August 2009 : 20:36:42 You need to spend the £3000 on your furniture and baby things prior to going bankrupt, as long as you can demonstrate you needed these things there will be no problem, of course you have the fees to pay also £510 or £360 as the case may be. You have sold an assett to pay for the furniture and baby things which is better than taking further credit.
gettingoutofdebt
Posted - 17 August 2009 : 19:19:12 Hi,
The OR would want to know what you did with the profits from the sale of the car and they would expect the bulk of it to be used to pay your creditors.
If you still have this money when you declared BR then they could take it to pay your creditors. If you spend it on furniture and baby stuff you may get a small slap on the wrists from the OR but that would probably be about it.
Although the OR's job is to try to obtain any money from the bankruptee or their assets to pay the creditors they are understanding and realise that you need to make purchases for your baby. If you want to be very safe then you could use some (maybe half) of the money to buy baby stuff and volunteer the rest to the OR to pay the creditors.
