Bankruptcy

[ladyjane]

Hi

I am looking for a bit of advice please.

My husband and I have had our house repossessed (8weeks ago) as we were in arrears with our mortgage.
We also have joint debt of £420k, which is approx 90% business related (long story).
I fortunately managed to secure a new job on the day of our house repossession and we managed to rent a house from a private landlord.

My salary just covers all our outgoings and my husband is desperatley trying to find work. He is ex-forces (22yrs in the RAF) and cannot claim any benefits at all because he receive £520 a month military pension.
We have no option but to go bankrupt and the Royal British Legion are helping us with the process etc

My questions are as follows:
I understand that any money left over after our normal living expenses will be taken by the OR. But I have been told that Iwill be promoted before xmas and that I will receive a car allowance. Firstly, I have no idea how we will be able to lease or buy a car unless we save the monthly allowance. Does anyone know how the OR will look at this as it's is part of the employment contract that if an employee receives a vehicle allowance then the vehicle has to be less than so many years old etc?

Will I be better off not accepting the promotion? Would be a shame as its a great job?

Any advice would be greatly received.

[enquirer]

Re: Bankruptcy

The OR is the only person who can give a definitive answer to this. Depending on how far advanced the process is, you might try either a good accountant, or a reputable insolvency practicioner.

[TUTTSI]

Re: Bankruptcy

Normally if the car is needed for your job the reason they are giving a car allowance, they cannot touch it, ie tools of the trade and don't forget car allowance will be taxed. Apart from that the OR cannot take over and above what is reasonable for you to live. They will take on behalf of your creditors for instance if you have premium bonds or any saving plans and pensions I believe.