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So, I finally went bankrupt last week. Went to my local Court, got everything signed and today received a letter from the Official Receiver informing me of when she will be calling to talk things over, and providing me with the 'what happens next' info.

 

It all seems pretty straight forward to me, but there are a couple of things I'd like some advice on

 

First up, how long exactly will the Official receiver be in control of my estate as it were? It seems to me that it should be for only as long as I am Bankrupt, and that once I am discharged, that will be the end of it. But something in the information she provided made it sound like the Official Receiver can still have control even after I am discharged. So how long exactly is this for? When will I finally be completely free to move on with my life, not having someone watching my every move.

 

Secondly, at the moment I am unemployed, but if I get a job, how much is she likely to take from me? I understand that it generally works out to be about 50-70% of disposable income, but the problem is, if I get a job, ALL my wages will be disposable income. Will she really take between £500 and £700 off me every month? If she does, I may as well have not bothered going bankrupt as that would be pretty much the same as my just paying my creditors normally.

 

Thirdly, if I got a job, I would be in a position to meet all my repayments every month as standard, it is only that I have been out of work for 18 months and the charges and interest are astronomically high that, in my mind, I couldn't catch up. Would the OR be likely to advise the court to annul my Bakruptcy if I got a job considering I could probably make all my monthly repayments.

 

Fourth. Would I be better served waiting until I am discharged to take work?

 

Thanks for any advice you can provide. These are questions that have been bothering me, but I don't feel comfortable asking the OR.

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Try using this link to get more info for yourself. If you do go back to work then they will take the money (think for one or 2 years but not sure). It will be on your record for 10 years. In the current climate everyone is finding it hard to get a job and it just wont be so easy for you either, depending on your occupation you now may have to tell your new employer that you are bankrupt.

 

http://www.insolvencyhelpline.co.uk/bankruptcy/bankruptcy-process.php#bp6

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Hi, thanks for your reply, I appreciate you taking the time to do so.

 

I read through that link you provided prior to coming here, and it didn't answer the questions I have asked.

 

The OR can take money for up to 3 years.

 

When you say 'it will be on your record for 10 years', what exactly are you referring to? My Bankruptcy? If such is the case this is not an issue I am overly concerned with, however I was told when I went to the county court that It would only be on my record for 6 years.

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I have moved your thread to the Bankruptcy Forum

Any typos spelling mistakes are due to leprechauns in my keyboard they move the letters around sometimes (amended just for Bookie)

 

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I offer help and advice in good faith, based on my knowledge and experience. I am NOT a legal or financial expert. There are many CAG members and site team who are better qualified. Please do not make major decisions based on my advice alone.I do not give advice via P.M's. If anyone can correct my mistakes or improve on my advice, please do.

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Once the bankruptcy is discharged it will be on record that it is discharged. You can be bankrupt up to 10 years if the OR thinks you have materially contributed to bankruptcy by 'reckless spending and borrowing' or if you attempt to borrow more money whilst bankrupt. That is what is meant by being on your record for 10 years.

 

After 6 years the debts will fall off your credit rating, this should be 6 years after the last payment on the account being part of your bankruptcy.

 

Its not a step to take if all you want is to get interest and charges stopped. As you are unemployed I would go to CAB and get advice from them. You may qualify for free legal advice too.

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ok for a start forget what the others have said as it is wrong and highlights the little bit of knowledge problem

 

You are bankrupt ordinarily for 1 year, you can get an earlier discharge, What they are talking about is a BRO which can put extra restrictions on you for up to 15 years but these are only applied in a small proportion of cases and it does not stop you beng discharged after 1 year.

 

To answer your questions

1)The OR takes charge of your estate o the day of the bankruptcy that includes everything you own before the bankruptcy and can also claim things that you receive during the bankruptcy, but not assets you receive after you are discharged, the OR keeps hold of the things from before and during the bankruptcy and subject to a couple of restrictions can take as long as they want to continue to hold and realise these after you are discharged.

 

2) The main exception to this is an IPA where you pay a proportion of your surplus to the OR for up to 3 years, THis is your surplus and you are free to make all the payments on your livings costs first (so somepeople dont have a surplus at all even though they work). Whether you work or not is up to you, but obviously if you choose not to work then you should not claim any benefits such as JSA. Also it is generally accepted that the bankrupt should try to pay back as much as possible whilst having the protection that they will not be harrased by creditors.

 

3) the IPA lasts for only 3 years by which time you would be most unlikely to have paid all your debts so the OR will not ask for the bankruptcy to be annulled

 

4) see above

 

hope that helps

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