Questions you have before making a decision to go Bankrupt and the Bankruptcy process

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By billykeats
#2047 Looking to go bankrupt soon as £40000 debt and rent

I am currently doing temporary work which is currently ongoing but could be stopped at anytime. Neither the agency or the company can tell me how long it will be. How will the OR's view my income? As on the money I currently earn I have about £200 surplus but if I lose the temp job I will need it until I get another job. I'm not looking to go into permanent as I am currently studying for a career change which I hope will happen in September next year

Secondly I rent at my parents property along with my sister and her boyfriend so all bills are split 3 ways. My parents are retired in Ireland in a house they have built themselves with land. Now my parents as yet have not set up a Will but can the OR take into account that my parents have these 2 properties and there could be a likelyhood of me getting one of them from the Will (not soon I hope and pray)?

Any help will be much appreciated. Thanks
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By Nicky
#2049 I doubt your OR will be asking you how soon you think you might be receiving an inheritance :wink: However, if during a 3 year period you do receive an inheritance, the OR could lay claim to it as that is how long they have to retrieve monies from your estate.

As far as your income, I guess either the OR will either ask for nothing, or will take what you have now and change it if you have no surplus.

I know going bankrupt is a daughting experience, but if you read a few of the posts of people's experiences on the day of petitioning, you may feel its not quite so bad as it seems and infact Official Receivers are not as bad as they may appear, and are more than willing to answer any questions you may have. As long as you hide nothing, things will go smoothly. I think from what I have read from peoples experiences here, the waiting period is worse than the actual day itself.