Query before declaring BR

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missk

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Post by missk » Wed Aug 08, 2007 3:57 pm
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If I am about to declare myself bankrupt and have been made redundant with a tax free payout, will I have to declare this payment and will it be affected? I have no employment at the moment, but would like to know what the regulations are about payments such as this – thanks
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MelanieGiles

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Post by MelanieGiles » Wed Aug 08, 2007 4:21 pm
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The redundancy money will be treated as an asset in the bankruptcy, but the OR would probably allow one month's salary equivalent to be retained. You will need to declare this asset in your application.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk
Regards, Melanie Giles, Insolvency Practitioner
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Oliver

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Post by Oliver » Wed Aug 08, 2007 4:34 pm
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You will definately have to declare this money and it will be viewed as an asset within the bankruptcy. You may be allowed to keep a portion of this to allow you time to get back on your feet.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp
Best Regards
Oliver
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iva_squirrel

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Post by iva_squirrel » Wed Aug 08, 2007 4:55 pm
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Hi missk,

You have to declare it because its considered an asset in bankruptcy but you may be allowed to keep some of it.

Regards,
Michelle P.
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