i am in the process of filing for bankrupcy. Both myself and my husband are filing. My husband is disabled and we live in a rented flat. We are on benefits but i earn approx £130 on top of benefits will this be taken off me.
No, it won't. But if you have any disposable income over £20 after all your essential living costs, then you may have to pay an income payment agreement.
How much are your debts? Have you taken advice to see if bankruptcy is the best option as you may qualify for the debt relief order.
If you declare yourselves bankrupt, you do not automatically have to pay any money to the official receiver. The OR will consider all of your income and living expenses carefully and if you have no disposable income hen you will not have to pay anything. You will only have to pay if as Viki says you disposable income is more than £20 a month. However from what you have said this does not sound likely.
When you are completing the bankruptcy statement of affairs for both you and your husband, it is very important to get section 7 (outgoings)correct. If you need help understand what living expenses are allowed, you need to speak to an expert or have a look at the bankruptcy livig expenses guide on the Beat My Debt website.
Debt solutions expert and author. If you would like further help or guidance visit www.beatmydebt.com. Alternatively I can be contacted via e-mail: james@beatmydebt.com
i am in the process of filing for bankrupcy.
Posted - 27 February 2012 : 13:40:21
