I am currently going bankrupt and was about to call the courts for a date when I heard that from 1st December there have been changes to bankruptcy and income payment arangements/orders. From 1st December the offical Receiver will treat surplus income as follows:
There is an allowance (after essential bills etc) of £20 per household plus £10 per person within the household.The Official Reciever will take all remaining surplus income for a period of three years.
Do I wait until the VAT increase in January 2011 before contacting the courts? I have just been notified that my job will finish 31/03/2011 as there is no further funding available and my partner will be leaving in the New Year.
My salary is currnetly £28,000.I have one 12 year old son. Can anyone advise me if I am better off signing on post March given my situation or better off looking for a lower paid job? Any advice would be much appreciated thank you.