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Scottish Trust Deed Forum
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Topic starter
07/05/2012 7:06 pm
Was made Bankrupt last year October 2011, does this last for one year, do i still get 6 monthly checks on wages , bills , etc up till im finished payiny my debt back as i cant remember all that i was told, i know if have to pay back £7000 equity so it would be 5 yrs in total am i correct on this.Hope this makes sense to someone[|)]
07/05/2012 8:11 pm
Hi graham.
You'll be discharged from bankruptcy after twelve months from the start,
You'll need to pay over your surplus income for three years from the start.
Equity in your property is separate to that and I'd encourage you to check with your trustee how that might be dealt with.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
07/05/2012 9:28 pm
Also meant to say they may be reduncies at my work what would happen to this? If i was dicharged from bankruptcy would i be able to keep all the redudancy money.
08/05/2012 10:00 am
I would have thought that would be the case post bankruptcy discharge graham.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
09/05/2012 10:05 am
Agree with TDA if redundancy arises post automatic discharge. As a suggestion you might consider utilising some of the funds in relation to the equity in the property to allow the administrative discharge to proceed as well.
Chris
Chris is not currently posting in the Trust-Deed.co.uk forum.
09/05/2012 5:14 pm
Yes I think your redundancy would be ok if paid after discharge, and it would wise to use it for the equity
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