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

Moderators: TalbotWoods, JaneClack

By homely
#4919 i got a computer from a catalogue nearly a year ago i am due to start paying for it in april this year it cost £1500.00 at the time it is used by my husband for work as he is self employed and my children use it for coursework and homework for school would the OR think about taking this?
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By JaneClack
#4923 He might but it is extremely unlikely. The point that your husband is using for work it is not really valid here - he could buy it himself.
By homely
#4924 tanks for your response but as my husband is going bankrupt would this still be the case as he couldnt buy it
ByDavidc
#4928
homely wrote:tanks for your response but as my husband is going bankrupt would this still be the case as he couldnt buy it


Can he justify it's use in regard to his employment?
His employment earns a wage which will enable him to enter into an IPA over the next 3 years.
He will have to justify one cost against the other......A PC to play games on is not going to win favours from the Official Reciever..
and why do you need a PC.....job related.?......same thing........
You both must be working therefore one would expect will have a good proportion to pay towards a payment order.
David
By homely
#4938 as i earn £320 a month and the top pay my husband earns is£800 by the time ihave put down all my expenses and the running of the car which my husband needs for work i was told by the company shaws that it would be more appropriate to go for a bankruptcy as we did not have enough disposable income for an iva to go through
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By JaneClack
#4940 And if Shaws - who make their money through IVAs - told you this on the information you provided this should be best money advice. An IPA only lasts for three years - if one is agreed - and would take 50 - 70% of the surplus. In an IVA there would be at least 60 months of all the surplus income.

An IPA may or may not come into play but whatever - unless you are trying to protect a property or your husband is self-employed but really a director of a limited company - it is still cheaper than a VA would be.