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Sunday, 13 June 2010 08:59

What Percentage Of My Wages Will The Official Receiver Take In Bankruptcy?

Written by  Jon
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Question:



I'm in the process of going bankrupt, im currently out of work. but if i had a job. what percentage does the official reciever take of my wages? and for how long.

Answer:



If you have a surplus of income that exceeds £100 a month, you can be required to pay into a bankruptcy. The percentage begins at 50% and can be as high as 70% depending on how much of a surplus you have.

An example is you have £300 surplus after allowed living expenditures: the first £100 is yours and you could be required to pay 50% of the remaining £200, or £100 for three (3) years.

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If you have a serious debt problem, bankruptcy can free you from your debts within 12 months. As a solution for dealing with serious debt, bankruptcy is a last resort. Other debt solutions need to be explored first, to help determine if bankruptcy is the right debt solution for you.

 

Your financial affairs are put into the hands of an Official Receiver or Trustee, who will control all your assets - and if you own a property, this will also be included. These will be sold and the money used to pay as much as possible to your creditors.

 

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