I have not earned any monies for 18 months now and have sold all big assets to keep afloat. Our outgoings are circa £5,000 per month including private rental payment, unsecured debt etc. I have been on benefits for 3 months. If I am declared (or declare) bankruptcy now and in 2 months later start earning again, what happens to the monies I earn? Will my bankruptcy period be extended and or some kind of extended payment period be introduced taking me beyond 12 months to be debt free?
If you start earning you will need to complete a new income and expenditure form. The OR will look at all your outgoings and then if there is any disposable income over £100 they will probably want an IPA which usually lasts for 3 years. This shouldn't alter the date of your automatic discharge which should be 1 year from the date of your BR or earlier if they conclude their enquiries. If during the 3 years of paying an IPA your income/expenditure changes you inform the OR and fill in the form again and payments will be adjusted or suspended accordingly. Hope this helps.
Went Br 20th July 2010...Just the OR to face now then countdown for 1 year...Or interview 30th July.
I have not earned any monies for 18 months now
Posted - 27 July 2010 : 21:13:26
