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Business Bankruptcy Archives - Page 2 of 21 - Bankruptcy UK

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Bankruptcy and inheritance – do I keep the money?

There are two possibilities according to whether you received an Income Payments Agreement (IPA) or not. If you went bankrupt and did not receive an IPA i.e. a monthly payment for 36 months, you will be able to keep every penny of your inheritance once discharged after 12 months. However, if you were placed in an Income Payments Agreement, you will keep the inheritance less the outstanding amount owing under the IPA. For example, if you inherited £10,000 but still had 24 payments of £100 to pay, you would receive £10,000 – £2400 = £7,600.

Bankruptcy UK offers assistance at all levels and will also prepare and submit your bankruptcy application online. Court appearances for bankruptcy are no longer required. Feel free to call us for bankruptcy help on 01425 600129 for a chat about your circumstances.

Will my debts go to my husband if I go bankrupt? We are separated …

No they will not default to your husband unless they were joint debts. Joint debts are taken out ‘jointly and severally’ which means both parties are responsible for the full amount of the debt (not half each). If the debts were taken out in your name only, they will definitely not go to your husband.

Feel free to call us on 01425 600129 or 07479 739139 / 07894 481175 with any further bankruptcy questions or for bankruptcy help.

My ex is still on mortgage and thinking of bankruptcy …

My ex partner may go down the bankruptcy route. However, she is still named on the mortgage and has not lived there for 18 months. My 6 year old lives with me and I pay the mortgage and the household bills. My lender will not put the mortgage in my name only. Will the courts make me sell the house even if it is in negative equity?

No, this will not happen. The Official Receiver will register an interest in the property and review the situation roughly 27 months later and assess whether there is any equity at that time. Even if there was – and it’s doubtful – in most cases the OR would place a charge against the property to be redeemed when it eventually sold. You can therefore rest easy.

Feel free to call us with any further questions or for bankruptcy help on 01425 600129 or 07479 739139.

Is bankruptcy advertised in the newspaper?

No, the advertising of names in local papers stopped in 2009. The only time a name is published in a local newspaper these days is if the Official Receiver feels that it might be in the best interests of the community. For example, a sole trader who owed money to a number of different local suppliers in the area. But this is rare and in 99% of cases, names are not published.

Call us on 01425 600129 or 0800 5977 977 with any further bankruptcy questions or for bankruptcy help.

Partners Income and Bankruptcy – Questions

Partners Income and Bankruptcy

Are my partner’s wages taken into account in bankruptcy payment orders

The short answer is yes, but only what they contribute to the household. A lot will also depend on whether your partner is also going bankrupt, as she might have her own expenses. Let’s take, for example, John who is going bankrupt but Janet is not and she earns £1000 per month. Janet might have personal expenses of £600 (loans, car payments, etc) and is therefore only able to contribute £400 to the household and it is this lower figure which is declared. The other point is that although her income is included, the expenses also double up and it’s often the case that there is no surplus income.

Compiling an accurate income and expenditure statement is the single most important part of preparing the bankruptcy paperwork as, if you get it wrong, you could end up contributing in an Income Payments Agreement for the next three years. We know what may claimed when it comes to preparing an income and expenditure, and we’ll gladly talk you through it.

Call us on 01425 600129 or 07479 739139 / 07894 481175 with any further bankruptcy questions or for bankruptcy help.

 

 

Can my IVA company also be my trustee in bankruptcy?

The short answer to this is ‘yes’ though it usually only happens if the IVA company specifically requests it. If you are not happy with this state of affairs, you could submit a form 7.1a (or N244) Application Notice to the court in question asking for the IP or Trustee to be changed. This will go before a Judge and provided you have a good reason for your request, it may well be granted.

Feel free to call us on 01425 600129 or 07479 739139 / 07894 481175 with any further bankruptcy questions or for bankruptcy help.

What if I pay my bankruptcy fee and then i’m not made Bankrupt?

If there was a problem with the online submission it would be picked up by the Adjudicator who would seek clarity on whatever the issue might be. Seeing the £680 fee is paid at the same time as the online application, this would be refunded if the case did not proceed.

Feel free to call us with any further questions or for bankruptcy help on 01425 600129 or 07479 739139.

When is bankruptcy removed from my credit file? How can I repair my credit rating?

You are bankrupt for one year and removed from the Insolvency Register three months later. Anyone may view the Insolvency Register, it is in the public domain – simply Google it. Bankruptcy only comes off your personal credit file after six years. However, people can do a lot to restore their credit ratings relatively quickly: once discharged from bankruptcy, pay for an official letter of discharge and send copies to the credit reference agencies viz. Experian and Equifax.

The credit reference agencies will be unaware of your status unless you tell them. You might also consider applying for an ‘impaired credit’ credit card (Lumus.co.uk, Capital One, Aqua, etc.) and making regular small purchases and payments. This will work wonders for restoring your credit rating and it is often the case that people have credit scores of 700 plus just 15 months after discharge. You can now get a mortgage just three years after discharge from bankruptcy.

Bankruptcy UK offers assistance at all levels and will also prepare and submit your bankruptcy application online. Court appearances for bankruptcy are no longer required. Feel free to call us for bankruptcy help on 01425 600129 for a chat about your circumstances.

PPI and bankruptcy .. can we still claim?

Can the Official Receiver take my wife’s PPI refund if I go bankrupt?

If your wife did not enter bankruptcy with you, her PPI claim cannot be touched. Your wife is a separate legal entity and any money she receives is her business. The only circumstance that might affect the situation is if you were in a payment agreement based on household income and her monthly earnings suddenly increased dramatically. You would need to report this to the OR as a change of circumstances, but as for anything else, she cannot be interfered with. Just to clarify, PPI taken on loans taken prior to bankruptcy is deemed a ‘bankruptcy asset’ and goes to the Official Receiver.

Bankruptcy UK offers assistance at all levels and will also prepare and submit your bankruptcy application online. Court appearances for bankruptcy are no longer required. Feel free to call us for bankruptcy help on 01425 600129 for a chat about your circumstances.

 

Can I take a job overseas after bankruptcy?

We have had cases where people have literally emigrated the day after bankruptcy, so there are no worries on this score. However, please bear in mind that the Official Receiver will want to conduct a telephone interview with you and this needs to be taken into account, especially if there is a significant time difference. There is also a fair amount of administration that takes place – papers to be signed and returned – so you would also need to arrange a forwarding address.

Feel free to call us on 01425 600129 or 07479 739139 / 07894 481175 with any further bankruptcy questions or for bankruptcy help.

 

 

 

Bankruptcy UK

Bankruptcy UK