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Re: Iva want to go bankrupt
PostPosted:Tue Aug 20, 2019 9:49 am
by Nicvic73
Hi
Thanks for the advice I think I’m going to stick with bankruptcy

Re: Iva want to go bankrupt
PostPosted:Thu Aug 22, 2019 8:27 am
by Hayden
Let us know how you get on Nicvic73
I am sure you will have questions along the way so don't be afraid to ask

Re: Iva want to go bankrupt
PostPosted:Mon Sep 16, 2019 6:11 pm
by Nicvic73
Hi I submitted my application tonight it says it can take up to 28 days to review & make a decision! But I was also told that it’s usually the next working day? How long roughly will I have to wait??
Thanks any info is appreciated
Re: Iva want to go bankrupt
PostPosted:Fri Sep 20, 2019 2:51 pm
by Geraldine
Well done Nicvic73
The process allows the Adjudicator up to 28 days to make a decision on your application but this is to build in contingency in case they struggle to establish your identity or other issues arise.
99% of cases are decided the next working day. I would expect you received an e-mail on Tuesday stating that "the status of your application has changed". This would mean you are now bankrupt and the next step will be speaking to the official receiver.
Let us know how you get on

Re: Iva want to go bankrupt
PostPosted:Sun Sep 22, 2019 1:02 pm
by Nicvic73
Hi
All done now. I am bankrupt and had or phone cal. jobs a good un
Thanks for all your help & advice everyone
Re: Iva want to go bankrupt
PostPosted:Mon Sep 23, 2019 8:27 am
by James Falla
Great news NicVic73
Please do let us know how you get on during the next year and by all means ask if you have other questions

Re: Iva want to go bankrupt
PostPosted:Mon Sep 23, 2019 12:59 pm
by Nicvic73
I certainly will & thank you
Re: Iva want to go bankrupt
PostPosted:Tue Oct 29, 2019 9:20 am
by Nicvic73
Hello
Well everything is going well so far. I do however have one question the OR told me I wouldn’t have to pay tax on my wages until April to help me out financially which is great but! I have heard anything regarding this yet neither has my employer! It’s been 7 weeks since my bankruptcy how long does this take? & will it be backdated?
Thanks
Re: Iva want to go bankrupt
PostPosted:Wed Oct 30, 2019 11:45 am
by Hayden
Hi Nicvic73
Glad to hear everything is going well.
In regard to the tax you pay: After you go bankrupt HMRC will write to your employer notifying them to change your tax code to zero. This means the tax you were paying is no longer deducted.
The timing of this very much depends on HMRC. It normally happens around 2 months after you go bankrupt but can take longer. You just have to wait. Unfortunately the amount will not be backdated....
If you are struggling the OR can allow you to keep the extra money you get. This does not always happen but it sounds as though it is going to in your case which is lucky. If you are not struggling they would ask you to pay the extra to them.
Your tax code will change back to normal from April next year (the beginning of the next tax year).