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UK-Justice
UK-Justice, Barrister
Category: UK Bankruptcy Law
Satisfied Customers: 16193
Experience:  Called to the Bar in 2007
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i was made bankrupt in feb 2012 and my discharge is due in

Resolved Question:

i was made bankrupt in feb 2012 and my discharge is due in just over 2 months time. Can you explain what does this mean?
Submitted: 1 year ago.
Category: UK Bankruptcy Law
Expert:  UK-Justice replied 1 year ago.
Thanks for your question. Please remember to rate my answer SMILEY FACE OR ABOVE so that I am credited for my time.

This means all the debts in the bankruptcy are written off.

You are now free from debt.

This means you can also apply for credit again.

So all the debts included in the bankruptcy will be gone!

I hope this helps.


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Customer: replied 1 year ago.


thanks for your response you have been very helpful. Can I ask whether additional income earned after I have been discharged has to be disclosed to the OR?

Expert:  UK-Justice replied 1 year ago.
No - once you are discharged you are FREE!!!!!!!!!!!!!


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Customer: replied 1 year ago.


My IPA says that until the end of the term of the agreement i shall notify the OR or other trustee of any increase in income within 21 days of becoming aware of the increase. This seems to contradict what you mentioned above, can you clarify?

Expert:  UK-Justice replied 1 year ago.
If you are discharged then you are discharged.

That means you are free.

It is only if you come into a windfall would you have to declare it.

I hope this helps.

Please remember to click *** OK SERVICE *** or above so that I am credited for my time. The question does not close and you can ask follow ups.

Important: If you feel the need to rate as one of the lower two scores, it counts as negative feedback so please reply to me via the REPLY with any further questions you may have. I will be happy to assist you further.
Customer: replied 1 year ago.


So if I were to get a salary increase after my discharge then no need to tell the OR?


 


Is it fair to assume that my only obligation to the OR once discharged is to continue paying the monthly agreed amounts of the IPA until they are completed?

Expert:  UK-Justice replied 1 year ago.
Yes you would need to declare the increase.

If its the same job with just a nominal increase then generally no, but promotion etc yes.


Please remember to click *** OK SERVICE *** or above so that I am credited for my time. The question does not close and you can ask follow ups.

Important: If you feel the need to rate as one of the lower two scores, it counts as negative feedback so please reply to me via the REPLY with any further questions you may have. I will be happy to assist you further.
Customer: replied 1 year ago.


This means that even though i am discharged any income i receive outside the agreed SOA has to be declared and it could result in increased monthly payments to the IPA?

Expert:  UK-Justice replied 1 year ago.
It could for a limited time.


Please remember to click *** OK SERVICE *** or above so that I am credited for my time. The question does not close and you can ask follow ups.

Important: If you feel the need to rate as one of the lower two scores, it counts as negative feedback so please reply to me via the REPLY with any further questions you may have. I will be happy to assist you further.
Expert:  UK-Justice replied 1 year ago.
I have seen your NEGATIVE rating - what else do you want to know?
Customer: replied 1 year ago.
Relist: Answer quality.
The response was not helpful if anything it was contradictory.
Expert:  UK-Justice replied 1 year ago.
Let me just make the position clear.

If your income increases during your bankruptcy the official receiver will decide whether or not the payments you are making to your creditors should increase.

If you already have a bankruptcy income payment order your money payment will simply be increased if required.

If you are not already paying a bankruptcy income order payment, the official receiver may then require that you start.

It is important to understand that an IPA lasts for three years from the day that it starts.

As such, even if you are eleven months through your bankruptcy, if an IPA begins this will last for a further three years even though you may be discharged after month twelve.

In addition, if your income improves while your IPA is still running you may still be required to increase your monthly payments even though you have already been discharged from your bankruptcy.

I trust this clarifies.



Please remember to click *** OK SERVICE *** or above so that I am credited for my time. The question does not close and you can ask follow ups.

Important: If you feel the need to rate as one of the lower two scores, it counts as negative feedback so please reply to me via the REPLY with any further questions you may have. I will be happy to assist you further.
UK-Justice, Barrister
Satisfied Customers: 16193
Experience: Called to the Bar in 2007
UK-Justice and other UK Bankruptcy Law Specialists are ready to help you
Expert:  UK-Justice replied 1 year ago.
I'm just following up with you to see how everything is going. Did my answer help?

UK-Justice

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