Bankruptcy

[jinie]

I know that is for one year, but i've heard that for the next 2 years they still keep an eye on you. What exactly does this mean? I am bankrupt from April 2011 so my year is up April 2012, but i have been told that they will still look at my finances for another 2 years is this correct???

[ummmm]

Yes, I think so. What if you win the jackpot in May 2012?

[chrissa1]

http://www.piggybankr...arged-bankruptcy.html

[ladybirder]

She can give it to me I'll look after it for her:-)

[chrissa1]

Surely if you have become bankrupt then all your debts are wiped out. After my husband died last year I struggled to repay everything but it was impossible.
One debtor accepted that I couldn't repay them but accepted £1 per month to keep the debt "live" incase I did win the Lottery. Now that I've become bankrupt there is no debt to repay. Whatever happens, or so I thought.

[jinie]

I've been told that they watch you for 2 years after in case anything comes to light like you have hidden any money. Which is rediculus . But what if you win the lottery or you are left an inheritance after the year is up, can they touch this or not???

[ojread2]

"you've been told"
By whom? A bankruptcy expert or just your mates dog?
Being told something does not make it true or law - ask your receiver, they are the best person to ask and, as they work in the field, they might just know the answer to your question

[ummmm]

At the very bottom of the link posted...

*Co-operating after your discharge from bankruptcy

Bankruptcy discharge does not release you from your obligation to co-operate with the trustee or the Official Receiver. The administration of your bankruptcy estate can continue after your bankruptcy discharge.

[chrissa1]

Did you read my link jinie? Maybe, as you say, you have won the Lottery while you were bankrupt and hidden it then I can understand that. Afterwards, it's your money.

[jinie]

Yes i have read it properly now, thanks chrissa1. I understand it now i just wanted to know officially where i stand and now i do , excellent thanks

[themas]

The position is that you are duty bound to tell the Official Receiver of any change in your circumstances (such as an inheritance, or an income increase) while you are bankrupt. When you are discharged this duty ceases.

However, if you are asked by the OR after discharge to provide information (e.g. if he/she had heard somehow that you had won the lottery) then you have to co-operate by answering their queries. But if your win was after discharge then the OR cannot take it. In practice this requirement to co-operate is mainly for 2 reasons:

1. The OR may find something which leads to a suspicion that the bankrupt did not fully disclose relevant information about their finances etc. at the time they became bankrupt or later during the bankruptcy; &

2. If the bankrupt has surplus income then an Income Payments Agreement is made, which runs for 3 years (i.e. for 2 years after discharge). This is where the information you've been given comes from, I think. Throughout the 3 years the OR can ask for updated information on finances, & this can lead to a change in the amount of the payments being made.