Hi, If we go bankrupt what would happen to my husbands bonus payments he gets every three months which are about £1000.00 and what are the allowances for income and expenditure. Currently in IVA but starting to struggle Thanks
If your husband gets £4000 per year in bonuses you may want to review the possibility of an IVA or Debt Management to see how each would affect your position. In Bankruptcy there would certainly be a contribution from the bonuses for a period of 3 years.
For IVA advice speak to Melanie Giles @ Melaniegiles.com
and for Debt Management speak to Andrew Graveson @ Bright Oak 0800 0437222
Both have excellent reputations and will give you appropriate advice on their specialist solutions.
Paul Johns Assisted Bankruptcy Specialists Reviva UK www.revivauk.com
Bonuses in bankruptcy need to be declared to the Trustee, and if they are received regularly your husband's employer may be asked to send them to the Trustee directly - in their entirity.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com
Are you both thinking of going BR? If it's just you Paula then your husbands income isn't taken into account as a whole just his contribution so in theory his bonuses would then be "safe" If you are both going BR then you can ignore me!!!
Currently in IVA but starting to struggle
Posted - 26 June 2008 : 14:42:03
