Hi girl10.

Bankruptcy places a number of restrictions on you which will be lifted once you are discharged. An example would be being able to be a company director.

I can see where your perception of it being a three year type of arrangement is coming from though as in some respects it is.

dose it meaan if you come in to money like the lottery or if i died my insurance policy would go to them within the 3 year?

Hi girl10

If you were to win the lottery or come into money after your discharge, then the Trustee could have no claim on this. If you had a policy which existed at the date of the bankruptcy or was acquired before your discharge, your trustee could have a claim on any pay out.

Hope this helps

Mark

Dose this mean after my year was up If I earned anymore money they would still be entitled to take more from me a month or would it still be my fixed amount?

Hi girl10.

While you are making contributions for the three years changes in your circumstances, for the better or worse, will be taken into account.

Hi girl10

Your financial circumstances are reviewed every 6months normally, and the payments may go up or down. The whole 1 year disharge and 3 years for paymebts is confusing, so you judt need to pray that your lottery win is not for at least another year!

I had to chuckle at Girl10's optimism about a lottery win! That's the best attitude to have 'cos you never know!

I've been entering comps for years in the hope to win some cash to put towards my debt - it would be so ironic (and annoying!) if I did finally win something now that I've started the TD process!

On a serious note though, say I did win something, do I HAVE to declare it? I would of course, but how would they ever know? Obviously they would if it was the lottery but a £500 online comp?

What does the discharge mean/entail?
Payments-duration wise, similar to a Trust deed?

Hi pammy1969.

That's a tough one for us to answer!

I'd still suggest informing the Trustee so that they can decide whether a win is substantial enough for it to be collected into the trust deed. It doesn't seem sensible to jeopardise a trust deed if it's up, running, and working for you.

Hi Pamjo.

Discharge from bankruptcy means you are no longer a bankrupt and that the restrictions it imposes are lifted.

If affordable, payments in bankruptcy would run for three years. In a trust deed it's usually three years, though some people agree to a longer term to make it viable.