One of the biggest advantages of a Debt Relief Order (DRO) is that it is a formal, legal debt solution. It prevents your creditors taking any further action against you for debts that are included in your DRO: you can't be taken to court for a CCJ (or a Liability Order for council tax arrears); if you already have a CCJ, the creditor can't send the bailiffs in - and debt collectors should … [Read more...]
Getting out of debt
Practical articles about the different debt options, which might work for you and different ways of dealing with creditors
What taxes are included in bankruptcy?
A reader has asked which year's income taxes are included in bankruptcy? HMRC used to have a special status as a preferred creditor, but since 2003 tax debts are treated the same as other debts and are wiped out by bankruptcy. There are however a few complications, so this article looks at all the different types of taxes and what happens to each of them when you go bankrupt. In particular, there … [Read more...]
Inheriting money when bankrupt
A reader has asked if my recent article on redundancy payments and bankruptcy also applies to inheriting money or assets when you are bankrupt. The answer is "Yes", but there are a few extra points to consider. The date of death is the key date You become entitled to an inheritance as soon as the person has died, so it legally forms one of your assets from this point. There are three cases … [Read more...]
Will the OR take my redundancy money?
A reader has asked: I have been offered redundancy. I would like to retrain for a more interesting job, but I still have nearly a year of IPA payments to make, so will the Official Receiver take all my redundancy pay? It depends on your discharge date The answer to the question depends on whether the last day of employment is before or after the date of discharge from bankruptcy. There are … [Read more...]
Informal or formal arrangement with my creditors?
What is the difference between a formal and an informal arrangement with my creditors? a reader asked. This post looks at what the alternatives are and how to decide which is better for you. If you pull on a pair of jeans and a T-shirt, then it's easy enough to add a jumper if it gets chilly or switch to old trainers if your new shoes are rubbing. But you need to plan formal dress more … [Read more...]
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