Does the OR have any right to home left to me

7 posts Page 1 of 1


User avatar
Posts: 1
Joined: Wed Mar 05, 2008 10:14 pm

Post by mattm » Wed Mar 05, 2008 10:15 pm
My mother is leaving me her home in her will. Does the official reciever have any right to this once I have been discharged from Bankruptcy?


User avatar
Industry Expert
Posts: 47612
Joined: Tue Jan 09, 2007 10:42 am

Post by MelanieGiles » Wed Mar 05, 2008 11:46 pm
Hi mattm

No - once you have been discharged from bankrutpcy, the need to disclose after-acquired assets ceases.
Regards, Melanie Giles, Insolvency Practitioner

iva experts

User avatar
Posts: 1271
Joined: Thu Apr 20, 2006 5:31 pm

Post by iva experts » Thu Mar 06, 2008 3:47 pm
Once you have been discharged from being bankrupt you are no longer obliged to let the OR know of any asset that you may have gained.
Best Regards,
Michelle Pontes
IVA Experts


User avatar
Posts: 1854
Joined: Sun Sep 11, 2005 12:15 pm

Post by Oliver » Thu Mar 06, 2008 4:30 pm
Absolutely not. Once discharged the OR can not aquire this asset.
Best Regards


User avatar
Posts: 12
Joined: Thu Sep 06, 2007 5:56 pm

Post by broke100 » Fri Mar 07, 2008 5:46 pm

I am confused with the answers given to this question. I was under the impression that whilst paying into an IPA agreement you were obliged to inform the OR of any change in your circumstances for the full 36 months. This includes pay increases, windfalls,inheritance,bonus etc etc. The fact that you receive automatic disharge after 12 months or earlier does not free you from the obligations of an IPA agreement. If I am wrong then this is good news i.e. I will be able to keep my bonus next Christmas as I will be discharged by then with 24 months of my IPA to run still. I was required to pay all 100% of my December 2007 bonus to the OR. Any thoughts on the above?

Adam Davies

User avatar
Posts: 14596
Joined: Thu Mar 29, 2007 12:21 pm

Post by Adam Davies » Fri Mar 07, 2008 8:33 pm
I believe that payrises have to be declared during he three year IPA but not windfalls,inheritence etc once discharged.
I do not know about bonus's but would expect that they would be deemed to be part of your pay so it could well be due again.
I'm sure someone will give you a difinitive answer soon
Andam Davies

Helpful Advice

User avatar
Posts: 11
Joined: Fri Mar 07, 2008 1:59 pm
Location: United Kingdom

Post by Helpful Advice » Fri Mar 07, 2008 9:04 pm
Hi Broke100,

Andy is correct, Bankrupcty deals with assets up to the point of Bankruptcy and any windfalls or inheritence during your term as an undischarged bankrupt, any assets aquired after your discharge will not need to be declared to the OR.
An income payment order or agreement will last for a three year period and deals with your income against your expenditure i.e. your disposable income so your bonus will have to be taken into concideration im afraid as it is part of your taxable income,

Hope this helps
Senior Partner

England Jackman & Spacey
Bankruptcy Specialists
7 posts Page 1 of 1
Return to “meeting the OR”