My husband and I have decided to declare ourselves bankrupt after deciding there is no other way to deal with the debt a pub that we used to run left us in I have been going through all sorts of site looking at information and trying to understand what will happen and I think I am basically there but I was just wondering how once you have been declared bankrupt and they have decided what bills you are to pay and what money you need to live of for food etc how you get this money?? Does the court pay the bills and if you are no longer aloud a bank account I assume my salary will go to the OR so how do they get what money the deem you to need to live of to you??
You are allowed a bank account and it is fine for your salary to be paid into it. The OR won't want it.
Your normal bills (mortgage/rent, utilities etc) you will fund from your salary.
What will happen is that once you have declared bankruptcy, the OR will look at your income and expenditure and decide if you are to pay any money across. If you have more than £100 disposable income per month once the bills have been paid, then you will be expected to pay across between 50 and 70% of that for three years.
Take a look at this link and it should explain things to you:
My husband and I have decided
Posted - 01 June 2009 : 20:18:03
