I'm planning on going to the High Court, (Stand in London) on Mon 18 May with my paperwork and filing for BR. I've got this day off work and also the Tue 19 and Wed 20 off work should something go wrong on Mon 18 at Court.
I'll be getting my monthly salary paid in on the Friday 22nd May.
Not yet decided whether to get my salary for May put into a families account of open up a Co-Op Cashminder at this stage? Any thoughts?
Assumming I walk out of Court BR on Mon 18th May, what's people experiences into how quickly your IPA starts? I was wondering if there was a chance my May 22 pay-packet can be just for myself and the IPA's would start from my June 22 pay packet
There is no problem whatsoever in opening a co-op account prior to your bankruptcy - there is no need to disclose this new account on your bankruptcy forms -- just inform the OR when you have your appointment that you have openend a new account for salary purposes etc with the Co-op-- and get your salary transferred to the new account as soon as possible - together with any DD';s for operating your home etc remember not to transfer any DD's for debts
With regard to an IPO it is rare that this is sorted within 2 - 3 months - you will be expected to provide the necessary information at the start of your bankruptcy , but the wheels move slowly due to volume of work and usually start paying by the third payday following the making of the order
Hope this helps
Melanie Nicholas 28 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles email me at melanienicholas@jonesgiles.co.uk
I wonder if they expect you "save" some money for your salary in the meantime whilst you are "enjoying" the benefits of receiving all your income? Will they ask what you've spent your surplus on in the 2-3 months it's taken them to sort out the IPA? Thanks
The additional money that you have when the IPA is being setup is yours to do with as you please and the OR won't ask what you are doing with it or require any proof.
If I have already had a months salary paid into cashminder account do I declare it on my form,,just worried that they will think i,m trying to hide something, if I put that I don't have a salary paid into my old account won't they wonder where it,s gone.
If you declare this account on the forms then there is a chance that it will be frozen when the OR contacts your creditors. The best option is to leave this off the forms and then when you have the OR interview mention that you have opened a cashminder account to have your salary paid into. This is the process that most people follow.
Apparently some ORs will ask how much you have in the account and if there is a surplus to your requirements they will want you to make a payment immediately so it is up to you whether you declare this or not.
There is normally a surplus of money in people's accounts as they have stopped paying their creditors and from the time the person is declared BR to their OR interview the person could have been paid.
Average time of BR certificate and 1st IPA Payment
Posted - 03 May 2009 : 11:15:06
