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I went bankrupt on the 2nd September 2013. I had the telephone conversation with the OR and she stated that I was to pay £850 for 3 years as an IPO. Having looked into the legislation, I know this is incorrect as she should try and negotiate an IPA first. She disallowed my SKY tv, any amount for home repairs, no social amount, etc. I will be refusing to sign.
My question is, in legislation it states that on discharge you are free from remaining debt, How then is it legal to force you to pay ALL disposable income for 3 years? This is not a fresh start and will be impossible for me. My husband does not work (cancer), but as we live on a houseboat he bought which is in a poor state of repair, they will not allow any money for me to pay for the work to be done. as it is his boat! This makes no sense! Please clarify.
I need my car to take my kids to school and also for me in my job. I have been advised that I need to go bankrupt as there is no way I can continue to pay the accounts I have. I am in arrears with most of them and my bank has stated they are taking me to court and will get a CCJ against me.
I have no property as I am in a council house. I am worried about my car if I go bankrupt.
Thanks in advance for any information you can give me.
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.
There are consequences to bankruptcy which will affect your finances and work life. You may struggle to borrow money, for example, and will not be able to apply for certain jobs.
For some, bankruptcy is the right option and will put an end to pressure from creditors. Our team of experts are on hand to advise on the best solution to your debt problems - call now on 0800 002 9951.